Total insured losses resulting from the allision between a Portuguese-flagged containership and a US-flagged tanker in the North Sea are anticipated to range between $100 million and $300 million for all coverages, according to a Canada-based global credit ratings agency.
As a result of its nature and the parties involved, the incident is expected to activate multiple insurance policies, including those for hull and machinery, liability, and marine cargo, Morningstar DBRS explained. The cause of the allision remains unclear.
“While this level of estimated losses is manageable for the global marine insurance industry, it raises concerns about the profitability of this business sector,” the agency said.
“This is particularly true considering significant losses incurred from the collision of the cargo container ship Dali with the Francis Scott Key Bridge in Baltimore early last year, as well as the ongoing challenges with maritime traffic around the Red Sea and the Suez Canal. However, we do not expect this event to materially affect the credit profile of marine insurers in 2025.”
As Offshore Energy reported, the containership MV Solong collided with the tanker MV Stena Immaculate which was allegedly transporting jet fuel for the US military. The incident occurred off Hull, the eastern coast of England in the North Sea on March 10, 2025.
Thirty-six crew members from both vessels were recovered, however, one member of crew from Solong remains unaccounted for.
According to the operator of the Stena Immaculate, the tanker suffered a ruptured cargo tank containing Jet-A1 fuel when the Solong struck it, which triggered a fire and multiple explosions on board, resulting in fuel being released into the sea.
The Stena Immaculate was part of the US government’s Tanker Security Program, which contracts commercial vessels to transport fuel for the military worldwide when necessary.
As per multiple sources, Stena Immaculate was anchored when the Solong hit it. Solong frequently traveled between Grangemouth and Rotterdam and regularly used the route it took on the day of the collision. On Monday morning at 0130 UTC, Solong passed to the east of the Longstone lighthouse and altered course onto a heading of approximately 150° at a speed of about 16.4 knots. At 0947 UTC it struck the Stena Immaculate that was at anchor off the entrance to the River Humber, the Marine Accident Investigation Branch found.
Given the nature of the Stena Immaculate’s cargo, the U.S. government has launched an investigation to rule out sabotage. The findings of this investigation could have significant implications for the handling of any insurance claims related to the incident, according to Morningstar DBRS.
Meanwhile, the fire has been put out on the Stena Immaculate while there are still small pockets of fire on the top deck of Solong.
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On March 12, the Solong was towed to another location while the tanker still remains at anchor at the site of the incident. No pollution has been detected on the surface of the water, the UK Maritime and Coastguard Agency informed.
Several parties have taken steps to look into the root cause of the incident in the North Sea, including MAIB which immediately deployed a team of inspectors to begin a preliminary assessment.