- The Morning Midas was carrying 3,159 vehicles with hundreds of hybrids and up to 70 EVs.
- Anderson Economic Group expects the cost to be slightly lower than that of the Felicity Ace.
- All of the vehicles on the ship were from Chinese car brands, including GWM and Chery.
Another cargo ship has gone under, and it’s taking hundreds of millions of dollars with it. The Morning Midas, a massive vessel hauling vehicles from China to Mexico, sank off the coast of Alaska last week after a fire broke out onboard. Now, analysts are beginning to tally up the damage, and the numbers aren’t looking pretty. According to early estimates, the loss could cost the automotive industry about $559 million.
var adpushup = window.adpushup = window.adpushup || {que:[]};
adpushup.que.push(function() {
if (adpushup.config.platform !== “DESKTOP”){
adpushup.triggerAd(“0f7e3106-c4d6-4db4-8135-c508879a76f8”);
} else {
adpushup.triggerAd(“82503191-e1d1-435a-874f-9c78a2a54a2f”);
}
});
Read: Burning Ship Full Of Cars Sinks After Mysterious Blaze Off Alaska`
This marks the third such incident in just a few years. The Morning Midas joins the Felicity Ace and the Fremantle Highway in a trio of maritime mishaps that have collectively sent around 11,000 vehicles to the ocean floor. Together, these wrecks have caused over $1.8 billion in losses, according to data from the Anderson Economic Group.
Zodiac Maritime, the ship’s operator, reported that smoke was first spotted coming from a deck carrying electrified vehicles before the situation escalated. In total, the ship was transporting 3,159 vehicles. Of those, roughly 681 to 861 are believed to have been hybrids, and another 65 to 70 were fully electric models. All of the vehicles lost were from Chinese car manufacturers, including Great Wall Motor and Chery.
Ripple Effects Beyond the Cargo
While Anderson Economic Group places the value of the destroyed cargo at around $120 million, the broader economic hit goes much further. Cleanup efforts, environmental damage, and the loss of future earnings for a range of people and industries are all part of the fallout.
This includes U.S. government agencies like the Coast Guard, Zodiac Maritime employees, port workers, the regional fishing industry, and residents living near the spill zone.
AEG’s estimate also includes projected costs for salvage operations and environmental remediation. However, it does not account for the losses auto dealers, logistics companies, or waiting customers might face due to disrupted supply chains.
The value of the lost cargo is far less than that of the Felicity Ace and Fremantle Highway disasters. In both cases, the ships were carrying more expensive cars, resulting in estimated cargo losses of $334.5 million for the Felicity Ace and $302.6 million for the Fremantle Highway.
var adpushup = window.adpushup = window.adpushup || {que:[]};
adpushup.que.push(function() {
if (adpushup.config.platform !== “DESKTOP”){
adpushup.triggerAd(“bb7964e9-07de-4b06-a83e-ead35079d53c”);
} else {
adpushup.triggerAd(“9b1169d9-7a89-4971-a77f-1397f7588751”);
}
});
The fire onboard Morning Midas broke out on June 3. All 22 crew members abandoned ship shortly after attempts to douse the fire failed. It eventually sank into the abyss on June 23.
var adpushup = window.adpushup = window.adpushup || {que:[]};
adpushup.que.push(function() {
if (adpushup.config.platform !== “DESKTOP”){
adpushup.triggerAd(“bb7964e9-07de-4b06-a83e-ead35079d53c”);
} else {
adpushup.triggerAd(“9b1169d9-7a89-4971-a77f-1397f7588751”);
}
});