As the Costa Concordia shifts on its rocky perch, search-and-rescue efforts have been temporarily halted. Yesterday the death toll rose to 11 after divers removed five more bodies from the dark abyss. Meanwhile, 23 passengers remain missing.
Amid the choppy waters a glimmer of hope emerged: all of the ship's 17 fuel tanks appear to be intact, thus diminishing the likelihood of a significant environmental disaster. Officials nevertheless caution the vessel could still slip into deeper waters off the Tuscan coast and that salvage efforts, including siphoning more than 500,000 gallons of fuel, hinge upon effectively stabilizing the ship.
The ship's many stakeholders find themselves in a precarious situation. Will the heavily battered Costa Concordia ever regain its footing or be declared a total loss? Will the tragedy turn the cruise industry on its side? Were any conceivable profits for marine insurers already swept away with the miscellaneous debris? This is to say nothing of the looming business interruption (BI) expenses.
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