Tug boats spray water on burning ship carrying Porsches, Bentleys

FILE PHOTO: The ship, Felicity Ace, which was traveling from Emden, Germany, where Volkswagen has a factory, to Davisville, in the U.S. state of Rhode Island, burns more than 100 km from the Azores islands, Portugal, February 18, 2022. Portuguese Navy (Marinha Portuguesa)/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY./File Photo

LISBON (Reuters) -Heavy tug boats on Tuesday sprayed water on a ship off the coast of Portugal's Azore Islands which went on fire nearly a week ago carrying thousands of Porsches and Bentleys, an incident insurance experts said could result in $155 million in losses.

The losses would likely fall on continental European insurance markets, specialist publication Insurance Insider reported, citing anonymous sources, with Volkswagen's in-house insurance covering some of the cost.