Stricter marine insurance regulations in the UAE aim to reduce the risk of an oil spill Ship’s crew

Reuters

LONDON, June 7 (Reuters) – Stricter requirements for some marine insurers covering ships from the United Arab Emirates aim to increase environmental security, the UAE state news agency (WAM) has reported amid growing concerns over unregulated shipping.

The United Arab Emirates’ Ministry of Energy and Infrastructure announced in a June 2 circular that it would tighten the insurance criteria for vessels registered under its flag for insurers that are not part of the leading international group of marine insurers, the so-called P&I Clubs. are covering 90% of the world marine insurer deep sea fleet.

“By prioritizing rigorous P&I standards, we ensure the safety, financial security and environmental protection of our maritime operations and attract serious investors,” Hessa Al Malek, Advisor to the Minister for Maritime Affairs, was quoted as saying by WAM.

WAM said the move would also reduce the risk of accidents and oil spills, and lead to a safer marine environment.

Not fully regulated, hundreds of “ghost” tankers have joined an opaque parallel shipping trade in recent years, transporting oil from countries hit by Western sanctions and restrictions, including Russia and Iran.

A Reuters investigation found that the number of incidents in the past year, including groundings, collisions and near misses involving these vessels, reached the highest level in years.

The Financial Action Task Force added the UAE to a list of jurisdictions subject to increased surveillance, the so-called “grey” list, in March 2022.

The United Arab Emirates is one of the largest maritime hubs in the world and has also become an operating base for shipping companies that do not have first-class insurance coverage or other services from the world’s largest providers such as. B. safety certifications.

(Reporting by Jonathan Saul, additional reporting by Lisa Barrington in Dubai; Editing by Emelia Sithole-Matarise)

(c) Copyright Thomson Reuters 2023.

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