WQIS Guarantee for IMO Bunker Convention
On November 21, 2008, The International Convention on Civil Liability for Bunker Oil Pollution Damage, 2001 (IMO Bunker Convention) entered into force establishing shipowner liability for spills of oil when carried as fuel in ships’ bunkers. In the months since its inception, 12 additional countries have adopted the Convention, bringing the total number to 38. Importantly, this affects 75.5% of world tonnage, according to Lloyd's Register/Fairplay World Fleet Statistics, 31 December 2007.
Water Quality Insurance Syndicate (WQIS) is authorized by the majority of the flag states to provide the financial guarantee needed to obtain the certificate vessels must produce in compliance of this Convention. Recently signed states to the IMO Bunker Convention include:
State Effective Date
Tuvalu April 12, 2009
Panama May 17, 2009
Ethiopia May 17, 2009
Russia May 24, 2009
Australia June 16, 2009