World News
Myanmar Ratifies IMO Treaty for Bunker Pollution Damage
The International Maritime Organization (IMO) today announced that Myanmar has ratified the International Convention on Civil Liability for Bunker Oil Pollution Damage.
Kyaw Zwar Minn, Ambassador of Myanmar to the UK, met IMO Secretary-General Kitack Lim at IMO Headquarters in London to deposit the instrument of accession today.
The treaty, which is intended to ensure that adequate compensation is available to those that suffer damage caused by bunker spills, applies to damage caused on the territory, including the territorial sea, and in exclusive economic zones of States under the Convention.
"Under the Convention, the registered owner of a vessel is required to maintain compulsory insurance cover, and there is also the requirement for ‘direct action’ – which allows a claim for compensation for pollution damage to be brought directly against an insurer," explains IMO.
Myanmar's ratification brings the total number of states to accede to the treaty to 87, which represents 92.5 percent of the world's merchant fleet tonnage.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 646.50 | 5.50 | 773.50 | 11.50 |
| Rotterdam | 604.00 | 5.00 | 756.00 | 5.00 |
| Houston | 630.50 | 1.00 | 798.50 | 4.00 |
| Fujairah | 650.50 | 3.00 | 897.00 | 13.50 |
| Global 20 Ports Average | 662.50 | 1.00 | 858.50 | 0.50 |
| Global 4 Ports Average | 633.00 | 3.50 | 806.00 | 6.50 |
| Global Average Bunker Price | 718.50 | 0.50 | 914.00 | 1.00 |
Popular Now More
-
Apr 24The arrests were both on Monday. -
Apr 23The ship had come to Singapore from St Petersburg. -
Apr 22The 46,000 DWT MR2 chemical tanker Green Land was arrested at about 3:30 PM on April 17.