The crude oil on the Sirius Star is worth nearly $100 million (£67.8 million), but the question of who will bear responsibility if it is lost or destroyed could keep lawyers busy for years.

Much would depend on the fine print of contracts drafted between Vela International, the ship’s operator; Aramco, its Saudi parent company that also produced the oil; and any buyers who were due to take delivery of the crude on arrival at its destination in the US.

“In the oil business, it is normal for the shipper to take care of the insurance of the ship and the crew, and for the oil company to take care of the cargo insurance,” said Michael Corke, of Purvin & Gertz, an oil consultancy based in Dubai.

However, he pointed out that this was not universally the case. Some companies “self-insure” - that is, they do not have an insurance policy with a third party at all. Neither is it yet clear who legally had ownership of the crude at the moment that the vessel was hijacked - a key issue that will need to be determined before liabilities can be established. It is most likely to have been Aramco, but the oil could have belonged to an unidentified group of buyers of different packages of crude.

Some purchase contracts allow for the oil to be acquired at the moment of departure. Others specify that ownership takes effect on arrival. Neil Smith, an underwriting manager at the Lloyd’s Market Association in London, said: “It would be extremely complicated [to establish who was responsible for losses] and would involve dozens of different insurers.”

London has more shipping lawyers and maritime insurers than anywhere else, so much of this might be done in the capital.

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