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Supplementary 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 The 1971 Fund has been replaced by the 1992 Fund and the Supplementary Fund…

04 Nov 2013

Ground-breaking Oil Pollution Compensation Fund to be Wound Up

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Maritime Organization (IMO) in London, and decided to wind up the ground-breaking 1971 fund which has since been replaced by the 1992 protocol.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…

09 Dec 2004

Supplementary Fund for Compensation for

Increased levels of compensation will be available for victims of oil pollution from oil tanker accidents, following the ratification by Spain (on Friday 3rd December) of the 2003 Protocol establishing an International Oil Pollution Compensation Supplementary Fund. Spain's ratification means the instrument has now reached the entry into force criteria (ratification by at least eight States who have received a combined total of 450 million tons of contributing oil) set at its adoption by a diplomatic conference held at IMO Headquarters in London in May 2003. The new Fund will come into existence on 3 March 2005, three months after the date of Spain's ratification.

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…

22 Jun 2006

Chem Spill Clean Up Protocol to Enter Force

The Protocol on Preparedness, Response and Co-operation to Pollution Incidents by Hazardous and Noxious Substances (OPRC-HNS Protocol), 2000, has now achieved enough ratifications for entry into force on 14 June 2007, twelve months after its accession by Portugal, on 14 June 2006, the 15th State to ratify the treaty. The OPRC-HNS Protocol is aimed at providing a global framework for international co-operation in combating major incidents or threats of marine pollution from ships carrying hazardous and noxious substances (HNS), such as chemicals. The OPRC-HNS Protocol follows the principles of the International Convention on Oil Pollution Preparedness, Response and Co-operation (OPRC), 1990, which itself entered into force in 1995.

26 Jun 2003

Update on IOPCF Supplementary Fund

The International Oil Pollution Compensation Funds (IOPCF) issued a News Release

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).

04 Jun 2003

Prestige - A Charterer's Reaction

The following was excerpted from Mr. Hart's presentation at INTERTANKO's Washington Tanker Event. Ships continue to sink and pollute, and crews continue to lose their lives or be imperiled. This is the 21st century — the shipping industry is one of the oldest in the world so one has to ask how this is possible that in this day and age? Why can't this industry guarantee that ships won't break up and sink? Why have we not learned the lessons of the past? In using the term charterer in my paper for this conference, I am referring to responsible charterers. I can only speak for BP as a responsible charterer, and for companies like BP. There are obviously other companies and organizations that have different criteria for the way they conduct their business…

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.