The 151,280-dwt, Greek-controlled bulker Smart (built 1996) was just another ageing capesize until the vessel grounded in adverse weather off South Africa.
But the modestly valued vessel has produced the biggest loss of the current protection-and-indemnity (P&I) year, with the bill set to exceed $100m.
The South African authorities have ordered a wreck-removal operation on the Moundreas-controlled vessel that is expected to take until near the end of 2015 to complete.
The
