Insurers are Concerned About Fires on Ships Carrying Electric Vehicles

In recent years, more ships have started carrying electric vehicles (EVs), but this new trend has raised serious concerns, especially for insurers. Fires linked to EVs onboard ships are becoming more common, and the dangers involved are very different from fires caused by normal fuel cars. 

One major difference is how fast EV fires start. A battery fire from an electric car can spread in just two minutes. In comparison, a fire from a car with a regular engine may take 10 to 12 minutes to grow. On top of that, EV battery fires release a lot of toxic and explosive gases, including hydrogen-based ones. These gases are not only harmful but can also cause dangerous explosions if they build up in closed spaces on the ship. 

Because of these risks, experts say ship crews need to change how they handle fires. For normal fires, a captain might send the crew to check and fight the fire directly. But if EVs are involved, this could be deadly. Instead, crews are advised to contain the fire from a distance using the ship’s fire-fighting equipment and avoid entering the affected areas. 

Some serious ship incidents have already shown how dangerous EV fires can be. In 2022, the Felicity Ace, a car carrier loaded with luxury cars like Bentleys and Porsches, sank after a fire. The loss was massive, over $500 million. In 2023, the Fremantle Highway caught fire in the North Sea. One crew member died, and the fire caused an explosion that damaged part of the ship’s deck. These incidents are warning signs to both ship owners and insurers. 

Insurers face big losses even when ships are saved. If there was a fire onboard, most cars, even those that look fine, are considered total losses. This is because they might have hidden damage from the heat or smoke. As a result, the vehicles are scrapped, which makes the cost of these accidents very high for insurance companies. 

Ferries and passenger ships are also at risk since more of them are now transporting electric vehicles. These ships carry not just cargo but hundreds of people. Some in the ferry industry believe EVs are no more dangerous than regular cars, but others strongly disagree. Experts argue that a typical fire response is not enough when dealing with lithium-ion battery fires. 

With EVs becoming more common, the shipping industry needs to improve safety rules and emergency training. Insurers are right to be worried, because the cost of ignoring these dangers could be deadly and extremely expensive. 

Could now be the time for electric vehicle makers like Mullen Automotive Inc. (NASDAQ: MULN) to give serious consideration to alternative battery chemistries whose safety profile is superior to the current Li-ion batteries? Cost-efficiencies and scalability could play a key role in how quickly newer batteries like solid-state batteries take root. 

NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN 

About TechMediaWire

TechMediaWire (“TMW”) is a specialized communications platform with a focus on pioneering public and private companies driving the future of technology. It is one of 70+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, TMW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists, and the general public. By cutting through the overload of information in today’s market, TMW brings its clients unparalleled recognition and brand awareness. TMW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from TechMediaWire, text “TECH” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.TechMediaWire.com

Please see full terms of use and disclaimers on the TechMediaWire website applicable to all content provided by TMW, wherever published or re-published: https://www.TechMediaWire.com/Disclaimer

TechMediaWire
Los Angeles, CA
www.TechMediaWire.com
310.299.1717 Office
Editor@TechMediaWire.com

TechMediaWire is powered by IBN