Insurers are facing claims in excess of $200m for a grounded car carrier, the Golden Ray (built 2017), after the vessel was written off last week.

Underwriters, believed to be based in the Far East, will now have to fork out the full $87m insured value of the hull to owner Hyundai Glovis of South Korea.

The decision to declare the 71,000-gt Golden Ray a constructive total loss (CTL) will likely have taken into account the damage incurred by the vessel as it lay aground for six weeks off the US port of Brunswick.