Critical project cargo is typically high value, with long lead times. Values range from less than $1 million to tens of millions, but claims for delayed startup can be many times the value of the cargo. For example, it could take 12 to 18 months to replace a damaged turbine.
Transporting large bulky equipment by sea, such as engineered project cargo, heavy modules, wind turbines or mining equipment, is a highly specialized sub-sector of the shipping industry. Qualified personnel and strict procedures are required to safely load and transport project cargo. The expertise and vessels required to transport project cargo are in high demand as the number of these goods has increased since the pandemic.
According to a report by Allianz Global Corporate & Specialty (AGCS), recent incidents indicate a worrying trend at a time of increased activity. Losses are increasing and there is concern in the insurance industry that the expertise required to load and transport project cargoes is slowly eroding.
Damage typically results from the use of unsuitable lifting equipment or poor cargo securing arrangements. In the event of damage, the burden of proof lies with the shipper, who, however, is usually not responsible for the damage. The intelligent ASPION G-Log transport data loggers provide conclusive evidence, create transparency and avert unnecessary costs.