The Anderson Economic Group on Monday increased its estimate from $282 million on Friday.
VW has not disclosed its potential losses from the fire aboard the crippled Felicity Ace and it is unclear how much insurance will cover the costs for the lost vehicles. Of the 4,000 vehicles, 1,100 of them are Porsches. The rest of the vehicles are from the VW brand, Audi, Bentley and Lamborghini, according to various reports.
"The lost Porsche vehicles alone, which we assume are 1,100 vehicles including many customized high-end models, would exceed $140 million. We further anticipate salvage costs in excess of $150 million," Anderson's report said. "Similar disasters in the recent past suggests total losses for this incident may not be realized for a year or more and could be far above the value of the lost cargo."
"Given that the ship continues to burn, no crew is onboard, and suspected lithium fires have been confirmed, we now estimate that nearly all of the vehicles are irreparably damaged and will not be saleable in the U.S. market. We note that these vehicles have experienced fire, smoke, and water damage, and they risk being submerged in salt water, as well. Today’s report that the fires are ebbing included the telling explanation that there was probably little combustible material left to burn."