December 14, 2007
Cosco Busan Posts a $79.5 Million Bond, Crew Detained
This thing is worth 80 mil? The scene today as the Busan pulled out of wetdock and into anchorage between San Francisco and Oakland. Larger version here
The U.S. government just worked out a deal today to have Regal Stone, Ltd put up a bond for the value of its infamous container ship. (That's what you got to do after you get arrested.) This obviates the need to seize the vessel as an asset that could be sold to pay off any possible judgments in the future. This ship could be leaving soon.
The Busan now has a new master, chief mate and chief engineer for the long journey home, but six of the original crew members will remain in the United States "apparently to assist with the investigations." Sounds like they're being detained but don't worry, they'll be staying in "comfortable civilian accommodations." Doesn't sound too cozy.
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Why are you surprised that that ship is worth $80 million? Have you ever looked at real estate in San Francisco? Do you know what a million dollars will buy?
Never really thought about its value. It's cheaper than some jumbo jets, so that's nice.
80 Million is probably cheap for that size vessel. The owners probably spend that amount just running that thing every year. Think of it as a motorized transamerica pyramid. It'd cost a little bit to move the transamerica pyramid to and from korea every few weeks.
That's not all that much. I worked on a couple of APL containerships, C-10's and C-11's. The President Jackson, a C-10, was very nice and cost much more than that. In fact, when it was first built, the engine was the largest diesel engine ever constructed, anywhere. And we had big, carpeted state-rooms with nice wooden furniture built in.
And everything could be controlled by a computer system with consoles in the cargo office, on the bridge, and in the engine control room. Now, that ship was built in 1996, so that was huge, opening and closing ballast valves and starting and stopping pumps while underway, without leaving the wheelhouse.
The Busan must me a stripped-down model.
That's not all that much. I worked on a couple of APL containerships, C-10's and C-11's. The President Jackson, a C-10, was very nice and cost much more than that. In fact, when it was first built, the engine was the largest diesel engine ever constructed, anywhere. And we had big, carpeted state-rooms with nice wooden furniture built in.
And everything could be controlled by a computer system with consoles in the cargo office, on the bridge, and in the engine control room. Now, that ship was built in 1996, so that was huge, opening and closing ballast valves and starting and stopping pumps while underway, without leaving the wheelhouse.
The Busan must me a stripped-down model.