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2003 Fund Protocol News

14 Oct 2019

Mexico Ratifies IMO Legal Conventions

The maritime authorities of the Government of Mexico have agreed to place a high priority on ratifying three important  International Maritime Organization (IMO) legal conventions, following a workshop in Mexico City.Mexico has said it will work towards ratifying the 2003 Fund Protocol, the 2001 Bunkers Convention and the 2007 Nairobi Wreck Removal Convention. It will also consider accession to the 2010 HNS Convention. The Governments of Guatemala and Honduras expressed similar intent.Both the Fund Protocol and the Bunkers Convention deal with compensation following oil spills from ships. Together with the 1992 Civil Liability and Fund Conventions…

12 Jan 2004

P&I Club Warns of Shipping Claims Increase

Ship owners, operators and their P&I clubs face ever-increasing claims over the next few years, according to the 45 million GT North of England P&I club. Growth in the freight market, a raft of new and revised liability conventions and weakness of the dollar are exposing the industry to greater financial risk and continuing hikes in P&I insurance. According to joint managing director Rodney Eccleston, “Both the value and number of cargo claims have soared in recent months due to unprecedented freight rates, sometimes exceeding cargo values, and because ships and crews are working flat out. The A-rated club says P&I claims values are also increasing due to weakness of the US dollar, which has fallen substantially against most major currencies recently.

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