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Nine-Figure Cleanup Cost For Costa Concordia

by Ulrika Lomas, Tax-News.com, Brussels

29 August 2013


Operations to salvage the Costa Concordia are to begin in September, to remove the cruiseliner from the reef it collided with, off Grosseto, Tuscany, on January 13, 2012, in the largest project of its kind in history.

It has been estimated that the cost of recovering the vessel from the reef will exceed USD620m, more than the cost to Costa of acquiring the vessel. The complex operation will involve winches to bring the starboard side of the vessel above water, facilitated by an underwater platform constructed from 18,000 tonnes of concrete.

Legal proceedings surrounding the liability of the ship's crew in the case are ongoing. Earlier in July, five persons connected to the Costa Concordia incident were charged with multiple manslaughter by a local court for the 32 deaths that occurred in the incident. The trial of the ship's captain, Francesco Schettino, with whom Costa predominantly rests the blame, has yet to be concluded.

Costa has agreed to compensate the ship's 3,206 passengers with a sum of EUR11,000 per head, and a further EUR2,250 for lost personal property. Details on negotiations of compensation for the families of the deceased have not been disclosed. The ship itself is considered to be a "constructive total loss," and Costa's Chief Executive Officer, Pier Luigi Foschi has said the ship is very unlikely to return to service.

TAGS: marine

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