Oil pollution fund cap raised to €900m

A new international fund to cover compensation claims related to shipping pollution incidents was agreed today, following five days of talks hosted by the International Maritime Organisation. The "supplementary" fund will boost the maximum amount of compensation payable to members of the International oil pollution compensation (IOPC) for an individual incident to €900m, five times higher than the current maximum (EED 09/05/03). Today's announcement was a testament to the EU's "obstinacy" in fighting for a higher level of compensation, commented transport commissioner Loyola de Palacio. See IMO briefing and European Commission press release.

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