Tanker Cargo Spill Insurance And The Advocacy Of Specialized Attorneys

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A safe tanker is seen off the coast of Yemen, Monday, June 12, 2023. The vault has remained an environmental hazard since 2015 when it ruptured and 1.14 million barrels of it were at risk of spilling into the Red Sea and the Indian Ocean. In May, the United Nations announced that the first phase of the ship's salvage process had begun with the arrival of a ship to remove atmospheric oxygen from the ship's oil chambers. (AP Photo/Osama Abdulrahman)

Tanker Cargo Spill Insurance And The Advocacy Of Specialized Attorneys

The United Nations has secured insurance to begin the ship-to-ship transfer of 1.1 million barrels of crude from a tanker rusting off the coast of war-torn Yemen - oil that could cause a major environmental disaster.

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The United Nations Development Program described the insurance as a "significant milestone" in a multi-year effort to eliminate FSO-secured cargo at risk of explosion or detonation.

A UN agency is trying to launch a rescue operation to prevent "one of the worst man-made disasters in world history". It promised a multimillion-dollar operation, which began in late May with experts injecting inert gas to remove atmospheric oxygen from the ship's oil room.

UNDP Administrator Achim Steiner said, "Insurance was a critical element in keeping this rescue operation going. Without it, the mission would not have gone ahead."

David Gresley, the UN humanitarian coordinator in Yemen, said the transfer of the stored oil was expected to begin later this month. When the fuel runs out, it will be safely towed away and destroyed, he said.

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UK-based insurance broker Howden Group, appointed by the UNDP to identify insurable risks and arrange insurance, on Monday "ensured the successful implementation of the insurance cover, allowing the UN to continue the safe ship-to-ship transfer of FSOs".

Oil from Safer will be shipped in a Nautica supertanker procured by the United Nations for operations in the first phase of the rescue operation. In the second phase, the UN will facilitate the installation of a replacement storage tank, according to an agreement reached by the UN with the Houthi rebels, who control the area where the tanker is anchored.

The tanker was built in Japan in the 1980s and was bought by the Yemeni government in the 1980s to store three million barrels of oil from fields in the eastern province of Marib.

Yemen, the Arab world's poorest country, has been wracked by civil war since Iran-backed Houthi rebels captured the capital Sanaa and the north of the country in 2014, forcing the government to flee to the south and then to Saudi Arabia.

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The following year, a Saudi-led coalition entered the war to fight the Houthis and restore the internationally recognized government to power.

The vault is 360 meters (1,181 ft) long with 34 storage tanks. The ship is 50 kilometers (31 miles) northeast of Yemen's strategic port of Hodeidah.

The tanker has not been serviced since 2015, and in recent years seawater has entered its engine compartment, damaging pipes and increasing the risk of sinking. Experts say that the damage done to the ship is irreversible and repair is no longer possible.

The corrosion corroded parts of the tanker and caused an inert gas leak, preventing the tank from collecting flammable gases, leading the United Nations to warn that the tanker could release four times more oil than the infamous Exxon Valdez disaster in Alaska in 1989.

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Get ready for your week with the week's top business stories from San Diego and California delivered to your inbox on Monday mornings. A damaged FSO is kept safely off the coast of Ras Issa, Yemen, ahead of the start of a UN operation to raise it to contain the oil spill in the Red Sea /Mohammed Yusuf 2023 May 30.

LONDON, June 12 (Reuters) - Insurance coverage for a tanker sunk off the coast of Yemen has been finalized as the ship prepares to transport heavy oil, people in the know said on Monday.

UN officials have warned for years that the Red Sea and Yemeni coastline are at risk because an unsecured tanker could spill four times more oil than the 1989 Exxon Valdez disaster in Alaska.

Officials said the 1976-built tanker was parked about five nautical miles off Yemen's coast and carried 1.14 million barrels of loose crude that had been trapped for years.

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The inspections were being carried out before the oil shipments could begin, and it was unclear how long the process would take.

Insurance broker Howden has been appointed by the United Nations Development Program (UNDP) through an open tender to identify insurable risks and arrange non-standard ship-to-ship insurance, the company said in a statement.

"Insurance has been a critical element in keeping this rescue operation going. Without it, the mission cannot proceed," UNDP Administrator Achim Steiner said in a statement.

The joint statement said negotiations involving 13 different underwriting organisations, with Fidelis MGU as one of the lead underwriters, were complicated by the fact that the tanker is located in waters considered high risk by Lloyd's insurance market.

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Maintenance work on SAFE Ship was suspended in 2015 due to the war in Yemen. The United Nations has warned that its structural integrity is seriously compromised and it is at risk of exploding. The United Nations has taken major steps to stop the devastating oil spill in the Red Sea.

The purchase of the vessel is a major milestone in an operation to retrieve more than one million barrels of oil from a supertanker stranded off Yemen's Red Sea coast. Money is still needed to safely extract the oil.

As part of a UN-coordinated initiative, the United Nations Development Program (UNDP), which conducts high-risk operations, is contracting with SMIT Sea Salvage to prepare for the safe extraction of oil and safe towing to a green salvage yard.

The takeover of a very large crude carrier, or "VLCC," as part of a United Nations-coordinated operation to retrieve more than one million barrels of oil from a tanker stranded off Yemen's Red Sea coast threatens a humanitarian and environmental disaster.

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It is located about nine kilometers from the Ras-Isa peninsula in Yemen. He is expected to return for surgery in early May.

It has not been celebrated since 2015 due to the conflict in Yemen. There is a danger of it bursting or disintegrating to such an extent that it could have catastrophic effects on the area.

A major leak could instantly destroy the livelihoods of 200,000 fishing communities on Yemen's Red Sea coast. Entire communities are exposed to life-threatening toxins. Highly polluted air affects millions of people.

It would also shut down the ports of Hodeidah and Salef, which are vital for delivering food, fuel and life-saving supplies to Yemen, where 17 million people are in need of food aid. Desalination plants shut down, cutting off the water supply for millions of people. from oil

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It can reach the coast of Africa and affect any country in the Red Sea. The environmental impact on life-supporting coral reefs and other marine life would be severe. It will take 25 years to restore the fish stocks.

The cost of the cleanup alone has been estimated at $20 billion. Disruption to shipping from the Bab al-Mandab strait to the Suez Canal could result in billions in global trade costs every day.

As part of a UN-coordinated initiative, the United Nations Development Program (UNDP), which is conducting high-risk operations, contracts with SMIT Sea Salvage Company for the safe extraction and recovery of the oil.

Administrator Achim Steiner said: "The acquisition of this suitable vessel marks the beginning of the operational phase of a UN-agreed plan to safely remove oil from the oil slick.

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And prevent the risk of major environmental and humanitarian disasters. We must admit that this is a very difficult and complicated operation. It works 24/7 with experts from partner UN agencies including IMO, WFP and UNEP, as well as international counsel on law of the sea, insurance and environmental impact to ensure we implement best practices to successfully accomplish this task.

Although the oil extraction project has received significant international support, rising costs of the war in Ukraine have significantly increased the market for operational vessels, which still need more funding to complete the emergency phase of the plan. As of March 7, the UN has raised $95 million, of which $75 million has been received. The total budget for the emergency phase of the project is $129 million.

David Gresley of Sana'a, UN Resident and Humanitarian Coordinator in Yemen, who led the UN system-wide effort.

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