We have learned of a new incident involving the vessel LADY M a 2003 built 61,991gt Crude Oil Tanker, which is reported on fire in Mid Atlantic. The vessel is said to be disabled at 30 0 34”N, 300 14”W.

LADY M was on a voyage from Taman, Russia bound for Houston, USA and is carrying 100,000mt Low Sulphur Fuel Oil.

Salvage services are presently being provided under Lloyds Open Form contract terms by TSAVLIRIS HELLAS out of Azores.

The extent of salvage services have yet to be determined, although ultimately LOF salvage security will be required. It remains to be seen if General Average may be declared. Should insurers determine that they are involved with cargo on board, W.E. Cox Claims Group are ideally positioned to assist with all aspects of the Salvage case, including provision of securities, Salvage defence and enquiries into causation and if we may be of assistance in any way, we would be pleased to hear from you.

The importance of securities 19/02/2024
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