says that its latest statistics show that vessels propelled by medium/high speed engines have a claims frequency 2.5 times higher than slow speed engines, with an average claims cost of close to US$650,000
Main Engine Damage, the latest loss prevention report from The Swedish Club, includes loss prevention advice from the major engine manufacturers, MAN Engines and Wärtsilä.
Swedish Club’s Senior Technical Advisor Peter Stålberg explains: “Our investigation shows that bulkers and tankers are the best performers for claims cost in comparison with Club entry. Most of these vessels have slow speed engines. Conversely passenger vessels/ferries have the highest frequency of main engine claims – 0.066 claims per vessel and year. Often these vessels have multiple medium speed engine installations. The same is also true for ro-ro vessels.
He says: “When there is a choice to be made between a slow speed engine and a medium/high speed engine, the Club’s experience demonstrates that the slow speed engine is the safer option, when you balance the space saving advantages of the medium/high speed engine against the increased costs of running the vessel in its lifetime. In addition, not only is the claims frequency of medium/high speed engines higher, but they also have a disproportionate claims cost (43%) in relation to insured vessels (28%).”
The marine mutual insurer says that lubrication failure is still the most expensive and frequent cause of damage, followed by incorrect maintenance and/or repairs.