There should be little need for arbitrations in future on special compensation awards. The salvors may recover more for the agreed tug rates than they would under the Nagasaki Spirit decision, but this is not certain because of the different utilisation factors. It is no longer necessary for salvors to prove environmental threat and to overcome any geographical restriction defence. Salvors will be paid profitable tug rates. Cash flow problems will be eased.
Security is more certain.
There is a risk that the owner terminates. The new proposals have been endorsed by the Boards of all the Clubs in the International Group for a trial period of two years, and they have also been endorsed by the ISU, and UK property underwriters. Overseas property underwriters have been kept advised and have not objected. Please advise us the name of anyone you would like to be put forward for consideration for incorporation on the SCR Panel. If you have any queries in relation to the above, please contact Colin Trappe of the Association.