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| Description - The map showing location of Costa Concordia Accident in Mediterranean Sea near Giglio, Italy. | Disclaimer |
Costa Concordia, the cruise ship owned by Costa Cruises, ran aground in the Tyrrhenian Sea near Isola del Giglio, Italy, on the night of Friday, January 13, 2011. Over 4,200 people evacuated the ship on lifeboats and about fifty were trapped onboard soon after the accident.
Costa Corciere, the operators of Costa Concordia issued a statement that the ship hit submerged rocks on its course. The conditions of the sail were calm and the cause of the accident is currently being investigated. The operators also believe that the captain may have committed errors and did not follow standard emergency procedures. Captain Francesco Schettino is currently under detention and has denied the charges. First Officer Ciro Ambrosio has also been detained for questioning.
Prosecutors claim that the crew delayed evacuation and deviated from emergency norms. The listing of the cruise ship also made it difficult to deploy some of the lifeboats on the port side of the vessel.
Costa Concordia was insured for US $40 million. The loss of ship and its services, however, are likely to cost Costa Cruises and its parent company Carnival anywhere between US $85 million and US $ 90 million. Carnival stocks plummeted by 21% this morning, registering a loss of market value adding up to approximately US $1.5 million.
