Ground-breaking Oil Pollution Compensation Fund to be Wound Up

MarineLink.com
Monday, November 04, 2013
IOPC Fund Meeting: Photo courtesy of the Fund

The governing bodies of the International Oil Pollution Compensation Funds (IOPC Funds) held recent meetings at the Headquarters of the International Maritime Organization (IMO) in London, and decided to wind up the ground-breaking 1971 fund which has since been replaced by the 1992 protocol.

The Fund was an international innovation when a global, solidaritory scheme on compensation for the victims of oil pollution caused by tankers was established in 1971. It has proven to be such a great success that the system has been improved twice, and the model has been copied to provide for other types of pollution from ships.

The 1971 Fund has been replaced by the 1992 Fund and the Supplementary Fund, allowing for greater compensation amounts and considering all new pollution incidents.

Most countries agreed that now it was about time to wound up the 1971 Fund. Many of the original founders of the Fund, including the largest contributors, had also left the Fund. A few business affairs still need to be finalised. These cases have typically not been finalised because of disagreement between the Fund and the victims about the claims forwarded. Therefore, a winding up cannot be made without any legal and practical challenges. Efforts are being made to solve these before the IOPC General Assembly to be held in October 2014, when the final decision on the winding up is expected to be made.
 


Legal

Vallianz Rejects Payment Request from Swiber Managers

Vallianz Holdings, which provides support vessels for the oil industry, said on Wednesday it had refused a request from the judicial managers of shareholder Swiber Holdings to pay around $63.

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd.

Hanjin files for Receivership, Ports Turn Away Vessels

Hanjin says asks court for its assets to be frozen; Hyundai Merchant looking to buy Hanjin's "good" assets. South Korea's Hanjin Shipping Co Ltd filed for court

Finance

KfW IPEX-Bank Boosts its Presence at SMM

In an interview the departing head of the KfW IPEX-Bank Maritime Industries department, Dr. Carsten Wiebers offers insight into the facets of international ship

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd.

APM Terminals to invest $70 mln in Port Elizabeth Terminal

The Port of New York and New Jersey is the largest port on the US East Coast and third largest in the United States with 6.37 million TEU handled in 2015.  In 2014,

Environmental

Pivotal LNG, Carib Energy Reach Multi-Year Supply Deal

Pivotal LNG announced a multi-year agreement to sell liquefied natural gas (LNG) to Carib Energy LLC, a Crowley Maritime Corp. subsidiary. Crowley will transport and deliver LNG from the U.

Arctic Sea Ice Melt Continues

As of August 14, Arctic sea ice extent is tracking third lowest in the satellite record, according to the National Snow & Ice Data Center (NSIDC). The southern

Wärtsilä BWMS for Three Maersk Tankers

Maersk Tankers A/S of Denmark has selected Wärtsilä's Electro Chlorination (EC) Ballast Water Management System (BWMS) for three new 50,000 DWT medium range (MR)

Fuels & Lubes

Pivotal LNG, Carib Energy Reach Multi-Year Supply Deal

Pivotal LNG announced a multi-year agreement to sell liquefied natural gas (LNG) to Carib Energy LLC, a Crowley Maritime Corp. subsidiary. Crowley will transport and deliver LNG from the U.

Alfa Laval Debuts FlowSync

Flow optimization of the separator feed increases protection from cat fines while decreasing energy use. The new Alfa Laval FlowSync is a single solution for automatic flow control,

Klüber to Present New EALs at SMM

“Closer to you” is the motto, under which Klüber Lubrication will be presenting its latest environmentally acceptable lubricants (EALs) for ships and offshore installations at the SMM 2016.

History

Russia Honours First British Arctic Convoy, 75 Years On

British and Russian World War Two veterans gathered on Wednesday in Arkhangelsk, 75 years to the day since Britain's first Arctic convoy of military supplies steamed into the northern port.

This Day In Naval History: August 31

1842 - Congress replaces the Board of Navy Commissioners, a group of senior officers who oversee naval technical affairs, with the five technical Bureaus, ancestors of the Systems Commands.

This Day In Naval History: August 30

1923 - USS Colorado (BB 45) is commissioned. Notable during her pre-World War II service, she helps in the search for missing aviator, Amelia Earhart, in 1937. During WWII,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0775 sec (13 req/sec)