Tanker Oil Pollution Indemnification Agreement

2. The proposal, approved by the clubboards shortly before the meeting, to introduce a binding contractual regime to share with oil beneficiaries the total cost of 50/50 receivables in the event of interruption of the revision, was taken into account and the Director of the Fund was ordered to cooperate with the International Group acting on behalf of the shipowners and with OCIMF on behalf of the oil beneficiaries; A set of voluntary agreements to be considered by the Assembly at its next session in February 2006. The new agreements were accepted by a majority of International Group Clubs and by the IOPC Assemblie of Funds in February, subject to slight changes in their development. In these circumstances, STOPIA 2006 and TOPIA 2006 will enter into force on 20 February 2006. Since October, a series of meetings have been held with the Fund Secretariat and the OCIMF to find an acceptable mechanism to turn shipowners` offer into a Deed. In addition, regular consultations have taken place with ICS and Intertanko to ensure that the content of the new agreements is acceptable to the widest possible range of the shipbuilding industry. These discussions focused on the two draft contracts TOPIA 2006 (Tanker Oil Pollution Indemnification Agreement 2006) and STOPIA 2006 (Small Tanker Oil Pollution Indemnification Agreement 2006), which the Board considered and approved at its meeting on 17.01.06. The copies of TOPIA 2006 and STOPIA 2006 are annexed to the present circular as annexes 1 and 2. STOPIA 2006 differs from the current STOPIA in that it contains a review mechanism to adapt the agreement in order to prospectively offset the share of claims paid by oil shipowners or beneficiaries since 20.2.2006 at the end of the first ten years of operation (and after the following five years), in accordance with the three conventions (CLC 92, Fund 92 and Protocol on Supplementary Funds 2003), more than 55%. If this proportion exceeds 60%, the agreement must be adjusted. For transfers under the Fund Convention, compensation may be obtained beyond the limit of liability of the shipowners of the oil tanker from the secretariat of the International Pollution Oil Compensation Funds (IOPC Funds), headquartered in London. .

. .