THE OWNERS of the cargo of 135 000 tons of ore aboard the Panamanian bulk ore carrier Treasure when it sank 10km off the South African west coast last year have been compensated for their loss, according to Cape Town legal firm Findlay & Tait, which represented the cargo's owners and insurers.
The cargo action created a legal precedent when an order was obtained by Findlay & Tait from the Cape Town High Court on behalf of the cargo interests to attach the wreck of the Treasure as security for the $4m claim, and at the same time, that the vessel's owners should preserve all logs and relevant documents whcih had been aboard the vessel.
When the vessel went down, it was also carrying 1300 tonnes of heavy fuel and fuel oil, and some of the costs involved as a result of the oil spill which caused considerable damage in and around Cape Town's beaches have still to be settled.
The estimated total liability to the owners as a result of damage incurred by the oil slick , which caused vast damage to Robben Island's penguin community and to Cape Town's beaches, is R67 million.
The vessel's owners and insurers have established a claims office in Cape Town and issued guidelines for the submission and verification of claims by affected parties. Total costs at this stage, including the penguin rehabilitation project and bridging funds made available by organisations like the World Wide Fund for Nature, amount to R50-55 million. Approximately R30 million has already been paid out by the owners' insurers, while further claims are awaited.
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