Thai Owner Gets $10.98M War-Risk Payout After Hormuz Attack

Payout Covers Vessel Loss and Crew Compensation

Thai shipowner Precious Shipping has received a $10.98 million war-risk insurance payout following the attack on its bulk carrier Mayuree Naree in the Strait of Hormuz, according to a report by Marine Insight. The company disclosed the settlement in its second-quarter newsletter, stating the sum covered the total loss of the vessel and statutory compensation owed to the crew.

The Thai-flagged Mayuree Naree, IMO 9323649, was struck by two projectiles of unknown origin on March 11 shortly after transiting the Strait while en route from Dubai Anchorage to Deendayal Port in Gujarat, India. The attack sparked a fire and damaged the engine room. Of the 23 crew members aboard, 20 were rescued and evacuated to Oman before repatriation to Thailand, while three who were believed trapped in the engine room were later confirmed dead.

Insured Value and Additional Costs

Speaking during an Aug. 7 earnings call, Precious Shipping said the payout included the vessel’s full insured value of $9.5 million, plus reimbursements covering compensation paid to the families of the deceased crew and contractual payments tied to the 20 survivors. The company separately reported $1.26 million in expenses linked to the incident.

The Mayuree Naree later ran aground off Iran’s Qeshm Island on March 27 and has remained there since, having been declared a constructive total loss. War-risk insurers are now seeking to sell the vessel on an as-is-where-is basis, with any sale proceeds going to the insurers.

Legal Action From Surviving Crew

The settlement has not resolved all disputes stemming from the attack. Three surviving crew members — Panithi Tumkaew, Noppadon Wongsuvan and Suradech Manpuen — filed a lawsuit on July 10 at Bangkok’s Central Labour Court against Precious Shipping, affiliated firms Precious Flowers and Great Circle Shipping Agency, and the vessel’s captain, Sathaporn Hoksee. The claimants allege negligence in the decision to route the ship through the Strait of Hormuz during the regional conflict.

Precious Shipping said in a July 10 statement that it had acted in line with applicable laws and internationally accepted maritime practices, and that it does not expect the claim to affect its financial results for the period ended June 30. Of the 20 survivors, 17 have returned to work.

Sister Vessel Still Delayed

Another Precious Shipping bulk carrier, Hatthaya Naree, remains in the Gulf due to ongoing security concerns around the Strait of Hormuz. Despite being fixed on a new charter on June 24, the vessel has yet to depart the region, with the company saying it is awaiting conditions for safe onward transit.

India’s Ministry of External Affairs condemned the attack at the time, with a spokesperson noting that attacks on commercial shipping during the conflict appeared to be increasing in intensity.