Ship operators may need to spend extra time and money to reactivate vessels if they fail to have proper lay-up plans, according to German insurance giant Allianz.
The warning has come as many vessels — especially those in the cruise sector — have temporarily halted operations at anchorages across the globe as the coronavirus crisis hits shipping demand.
In a company note, Allianz said that reactivating ships can take time and require extensive testing for safety reasons while costing up to millions of dollars in worse cases.
