Login Register Subscribe
Current Issue

Italy: Costa Concordia disaster likely to cost ship's owners over $2 billion


The January 2012 Costa Concordia disaster is likely to cost the ship's owners more than €1.5 billion ($2.03 billion), a company executive told German weekly Bild am Sonntag.

Costa Crociere S.p.A. chief executive Michael Thamm said "so far, our costs are at €1 billion ($1.35 billion)," Reuters reported.

The figure "does not include €100 million ($135.9 million)" for the MS Costa Concordia to be "broken up for scrap and the cost of repairing damage to Giglio island," Mr. Thamm said.

Read more