On October 5, 2011 a 775 foot, Rena, cargo ship got stuck on a New Zealand Reef near Tauranga. On Sunday January 8th the ship broke in two pieces because of 6-meter high waves, sending various cargo crates and oil into the ocean and the stern end of the ship is starting to sink. The cargo ship was carrying things such as timber, plastic, and bags of milk powder, which since going overboard, have washed up on numerous surrounding beaches, while some of the cargo crates were removed earlier. Legal action has been taken and the Captain and Navigation officer have been charged with operating in a dangerous manner and tampering with documents (bbc.com). This is a great example for why Columbine Moving and Storage requires a moving valuation to cover your shipment. See last weeks post for more information on valuation and insurance.
- Sinking Rena (www.bloomberg.com/news)