Quote Of The Day: The Teflon Automaker Edition

Edward Niedermeyer
by Edward Niedermeyer

As soon as the vessel embarks, all risks related to the vessel are the responsibility of the distributor. All payments for the cars have been made, while the cars are also insured.

From a Hyundai statement to Bloomberg on the fate of 2,388 Hyundai and Kia vehicles aboard the Asian Glory, which was hijacked by Somali pirates en route to the Middle East.

Edward Niedermeyer
Edward Niedermeyer

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  • Dimwit Dimwit on Jan 04, 2010

    The only company on the hook at the moment is the insurance companies. Where's George Peppard when you need him?

  • Fincar1 Fincar1 on Jan 05, 2010

    For interesting info on marine (and other) transportation disasters, check out the Gallery of Transportation Loss. http://www.cargolaw.com/gallery.html You can tell right away that the site was assembled by lawyers rather than web experts, but there's a lot of fascinating info and great photographs there.

  • SCE to AUX SCE to AUX on Jan 05, 2010

    If the pirates receive a ransom but the ship sinks, is this another failed Cash For Clunkers deal? As for the headline, Teflon Automaker is an exquisite choice of words.

  • Sinistermisterman Sinistermisterman on Jan 05, 2010

    FYI the owners/managers of the ship are a company called Zodiac Maritime. www.zodiac-maritime.com This car carrier is their second ship in the space of a week to be captured by pirates. Also, all shipowners take on the responsibility for the cargo the moment it gets on board. To this effect all shipowners are insured up to the hilt for pretty much every possible problem. Remember that ship load of Mazda's that ended up spending weeks on their sides? Eventually it would have been the ship owners insurers that coughed up. Oh and just because I'm a boring factoid type person, the ship was actually built by Hyundai in 1994... *yawn*.