After nearly a decade of legal battles, the parties involved in the 2012 MSC Flaminia disaster have reached a $290 million settlement.
The container ship suffered a series of explosions and fires while sailing from the United States to India, resulting in the deaths of three crew members.
The settlement, which was reached in a German court, will compensate the victims' families as well as cover the costs of the salvage operation and environmental damage.
The agreement was made between the ship's owner, Mediterranean Shipping Company (MSC); the charterer, Chemtura Corporation, and the insurers.
"This settlement brings some closure to the tragic events of 2012," said a spokesperson for MSC.
"While no amount of money can undo the loss of life, we hope this will provide assistance to the families affected."
The Flaminia was carrying chemicals when the first explosion occurred on 14 July 2012, about 1 000 miles off the coast of the Azores.
The ship lost power and began drifting, prompting an international rescue effort.
Two crew members died in the initial blast, and a third succumbed to injuries later.
It took salvage crews nearly a month to extinguish the fires and stabilise the vessel.
The ship was eventually towed to Wilhelmshaven, Germany, for repairs, at a cost of over $200 million.
The cause of the explosions was never conclusively determined, but investigators believe a chemical reaction between the cargo and seawater may have been to blame.
The incident highlighted the dangers of transporting hazardous materials by sea and the need for improved safety protocols.
The settlement marks the end of a long and complex legal process that involved courts in Germany, the United States, and the United Kingdom.
Lawyers for the victims' families expressed relief that their clients would finally receive compensation, though they acknowledged that no amount of money could make up for their loss.
“This has been an incredibly difficult time for our clients," said one attorney.
"While we are satisfied with the settlement, we hope that lessons have been learned from this tragedy to prevent such incidents from happening again in the future."
