And this is why there's something called insurance.
Earlier this month, a cargo ship named the Hoegh Osaka was forced to run aground on a bank in the UK before it could reach its final destination of Bremerhaven, Germany. The 590-foot, 57,000 ton ship ran into problems just off the Isle of Wight after it started to list. To avoid a real catastrophe, the crew deliberately ran the ship aground. So one problem was averted but another 1,400 were created.
That’s the number of luxury cars the ship was carrying, worth a combined total of about $53 million. Range Rovers, Jaguars, Porsches, and a Rolls-Royce Wraith have now been removed from the ship’s hold and it’s clear now many have been damaged.
A spokesman for the shipping company described this damage as "limited," mostly dents and scratches. But it hasn’t been ruled out that some or all will be scrapped entirely.