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Ending ship pollution fund too soon risks damaging litigation: ICS
A SYSTEM of compensation for oil pollution from ships is at risk because governments plan to end the 1971 International Oil Pollution Compensation Fund (IOPCF) this week, reports London's Tanker Operator.
At this week's IOPCF meeting in London, the International Chamber of Shipping (ICS) - together with BIMCO and Intertanko - will argue that it is premature to wind up the fund when there are still outstanding claims not covered by the current 1992 Fund.
Some of these claims are subject to litigation, with money potentially still owed to the P&I Clubs.
"It is important to understand that these unintended consequences are real," said ICS secretary general Peter Hinchliffe.
"The P&I Clubs, which are owned by shipowners, have made it very clear that this decision is likely to have very serious implications," he said.
The British government has recognised the problem, suggesting that the decision to wind up the 1971 Fund should be deferred. "
"We hope very much that other IMO member states will support the UK's submission," said Mr Hinchliffe"
At this week's IOPCF meeting in London, the International Chamber of Shipping (ICS) - together with BIMCO and Intertanko - will argue that it is premature to wind up the fund when there are still outstanding claims not covered by the current 1992 Fund.
Some of these claims are subject to litigation, with money potentially still owed to the P&I Clubs.
"It is important to understand that these unintended consequences are real," said ICS secretary general Peter Hinchliffe.
"The P&I Clubs, which are owned by shipowners, have made it very clear that this decision is likely to have very serious implications," he said.
The British government has recognised the problem, suggesting that the decision to wind up the 1971 Fund should be deferred. "
"We hope very much that other IMO member states will support the UK's submission," said Mr Hinchliffe"
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