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Cruise ship 'likely to be declared a total loss'

16 January 2012 Last updated at 16:42 GMT

Following the deadly capsizing of Costa Concordia off the coast of Italy, the value of shares in parent company Carnival Cruise Lines fell some 20%.

But will the ship be salvaged or will insurers declare it a loss?

Richard Meade, from the leading daily newspaper for the maritime industry, Lloyd's List, explained how the ship had deviated from its scheduled route.