Höegh Xiamen, a car carrier chartered by Höegh Autoliners, has been declared a total constructive loss by its owner following last month’s fire outbreak in Jacksonville, Florida.

Norway-headquartered Ocean Yield said that it expects to receive insurance proceeds in the third quarter of 2020 of approximately USD26 million, which is close to the book value of the vessel. The net cash proceeds after repayment of debt related to the vessel will be about USD8 million.