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Iopc Fund News

19 Aug 2020

Wakashio Spill Highlights Importance of Adopting Latest International Legal Instruments

(Satellite image ©2020 Maxar Technologies)

The ongoing oil pollution incident from the grounded 203,000 DWT bulk carrier MV Wakashio is threatening an ecological catastrophe around the Indian Ocean island of Mauritius, endangering corals, fish and other marine life already under threat from climate change (IPCC 2018).In addition, it risks bringing devastating consequences for the economy, food security, health and tourism industry. Tourism in Mauritius - a popular destination for its pristine beaches - reportedly contributed about $1.6 billion to its economy during the last year…

06 Nov 2013

Original 1971 Oil Pollution Compensation Fund Closes

Photo: Danish Maritime Authority

Several years ago, the 1971 Fund was replaced by the two subsequent Funds that pay higher compensations to the victims of oil pollution. It was an international innovation when a global, solidary scheme on compensation for the victims of oil pollution caused by tankers was established with the 1971 Fund. It has proven to be such a great success that the system has been improved twice, and the model has been copied for other types of pollution from ships. The 1971 Fund has been replaced by the 1992 Fund and the Supplementary Fund…

19 Jul 2011

Thomas Miller P&I's Readman Retires

On July 22, Luke Readman, Chairman of Thomas Miller P&I Ltd, will retire after nearly forty years of service to the Members of the UK P&I Club. He hands over leadership to current chief executive Hugo Wynn-Williams, who will be supported by deputy chairman Nigel Carden. Readman became renowned in the P&I industry as an oil pollution specialist after handling major claims for the UK Club such as the 230,000dwt VLCC Haven, which caught fire and sank off Genoa in 1991. The case was finally resolved by a tri-partite settlement agreement between the Italian State, the IOPC Fund and the Owners/Club.

17 May 2011

Wrecks of the World II, June 6-7

the World: Evaluating and Addressing Potential Underwater Threats” (WOW) II” on Monday, June 6 and Tuesday, June 7, 2011 at the Maritime Institute of Technology and Graduate Studies (MITAGS) in the Washington, DC area (Linthicum Heights, MD) USA. The conference will explore the problem of potentially polluting wrecks and recent incidents around the world that have caused government agencies and responsible parties to look proactively at preventing catastrophic oil and other chemical releases from these long-submerged shipwrecks which may contain as much as 20 million tons of oil and other hazardous materials. Sporadic or continuous leakages or potential sudden massive spillages from these wrecks pose a continual risk across the globe.

27 Jul 2010

China’s Oil Pollution Laws Worth Watching

The UK P&I Club offered the following briefing on Chinese marine pollution law. Ship owners and operators trading in Chinese waters face an extensive set of new legal and regulatory requirements governing their roles and responsibilities in oil pollution incidents. China’s Prevention and Control of Marine Pollution from Ships Regulation was implemented on 1st March 2010. It dovetails with the Marine Environment Protection Law of the People’s Republic of China, laying down the principles and outlining the country’s marine pollution legal system. However, the detailed requirements under the Regulation have yet to be revealed. Chinese ministries have other supplementary regulations in the pipeline, such as the management and funding of a ship oil pollution compensation fund.

30 Oct 2003

New Compensation Limits for Oil Pollution Disasters

victims of pollution by oil from oil tankers enter into force on November 1, 2003. October 2000. (US$85 million) established in the 1992 Protocol. million SDR (US$192 million). SDR (US$285million). the Fund is made up of contributions from oil importers. be available to pay an additional amount. spread more evenly between shipowner and cargo interests.

22 Apr 2004

Are You Ready for HNS?

London law firm Lawrence Graham says shipping is focusing on complying with security requirements, but another Convention soon to be enforced will have major ramifications for all aspects of shipping. Are you ready for the Hazardous and Noxious Substances Convention 1996? Writing in the latest issue of Shipping Lawgram, Imogen Rumbold, shipping partner, says the HNS Convention is likely to come into force in the next two years. Charterers and receivers will pay more, ports and terminals face new liabilities, shipowners will need new insurance and documentation, P&I Clubs must set up new guarantees, authorities around the world will have more requirements to police and in any accident to almost any ship claimants for environmental damage will have new legal remedies to pursue.

06 Dec 2001

IMO To Hold Maritime Security Conference in December 2002

In the wake of the September 11th terrorist attacks on the USA and the subsequent global reaction, the issue of maritime security was to the fore at the 22nd Assembly of the International Maritime Organization (IMO), which met at the Organization's London headquarters from November 19 to 30, 2001. The Assembly agreed to hold a Conference on Maritime Security in December 2002, to adopt new regulations to enhance ship and port security and avert shipping from becoming a target of international terrorism. This decision followed the adoption of a resolution put forward by Secretary-General William O'Neil on Review of measures and procedures to prevent acts of terrorism which threaten the security of passengers and crews and the safety of ships.

19 Apr 2002

Security Tops IMO Agenda

Headquarters, London, April 22 - 26). the 1988 Convention for the Suppression of Unlawful Acts Against the Safety of Maritime Navigation(SUA Convention) and its related Protocol. Convention for the Suppression of Terrorist Bombings (STB Convention). discussed are proposals to incorporate a number of additional offences into the SUA Convention. define the terms "ownership" and "control" of ships in the context of maritime security. that many IMO instruments place responsibilities on the shipowner. continued efficiency of commercial navigation. also expected to examine a draft protocol to establish a voluntary third tier of compensation for oil pollution victims, supplementary to the International Oil Pollution Compensation (IOPC) Fund Convention, 1992.

02 Mar 2005

New Rules for Oil Spill Compensation Enter Force

Increased levels of compensation will be available for victims of oil pollution from oil tanker accidents on 3 March 2005 with the entry into force of the 2003 Protocol establishing an International Oil Pollution Compensation Supplementary Fund. The Fund will supplement the compensation available under the 1992 Civil Liability Convention (CLC) and the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (FUND), with an additional, third tier of compensation. Participation is optional and is open to all States which are parties to the 1992 Fund Convention. The total amount of compensation payable for any one incident will be limited to a combined total of 750 million Special Drawing Rights (SDR) (just over US$1…

16 May 2003

INTERTANKO Welcomes Agreement on Third Tier Supplementary Fund

Agreement on a Protocol to establish a supplementary third tier of compensation was reached at an IMO Diplomatic Conference this week. The Protocol as adopted would establish a supplementary Fund, intended to provide compensation over and above that currently available under the 1992 Civil Liability/Fund regime, thereby creating a third tier of compensation for pollution damage caused by oil spills at sea. Together with the underlying 1992 CLC and FC regime, the new third tier supplementary fund, which will be available for adoption by interested states as a voluntary top-up to the existing regime, will provide compensation up to a level of 750 Million SDR (1 SDR=1,40656 USD).

19 Jun 2001

State of the P&I Market: As Stocks Drop, Rates Will Rise

The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years. However, syndicate 329 is now in run-off, its capital providers having withdrawn support, and its P&I account, which was transferred to British Marine, an old-established P&I and hull club for small ships and offshore craft…

19 Jun 2001

State of the P&I Market: As Stocks Drop, Rates Will Rise

The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years. However, syndicate 329 is now in run-off, its capital providers having withdrawn support, and its P&I account, which was transferred to British Marine, an old-established P&I and hull club for small ships and offshore craft…

09 May 2003

IMO Conference Addresses Oil Pollution Compensation

held at IMO Headquarters from 12-16 May 2003. Compensation for Oil Pollution Damage, 1992. for pollution damage caused by oil spills at sea. Protocol. regime, which will remain unaltered. regime. The limits of compensation will be set by the diplomatic conference. existing IOPC Fund system. Protocol. claims made against the supplementary Fund. laid down in the 1992 Fund Convention. Fund Assembly agrees to this arrangement. Damage, (Fund Convention) 1971 replaced the original Conventions. on the shipowner, up to a set limit. contributions by oil receivers. interests. compensation payable to victims of pollution by oil from oil tankers. enter into force on 1 November 2003. gross tonnage, up from 59.7 million SDR in the 1992 Protocol.

21 Oct 2005

International Oil Pollution Compensation Funds Assembly

INTERTANKO and ICS restate their full support for the measures that have evolved from the Working Group of the IOPC Fund Assembly. Over the past five years the Assembly and its Working Group have been responsible for the successful development and bringing into effect of increased compensation levels for the victims of oil spills through the adoption of higher liability limits for owners and oil receivers, the introduction of a supplementary fund for those states that wish to avail themselves of further levels of compensation, and an increase in compensation funded by shipowners in those states. Industry also fully supports the extension of STOPIA to all CLC 1992 States which will be of particular benefit to developing States.

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