It all began with the Torrey Canyon oil spill disaster in 1967, which clearly demonstrated the need for an effective international regime to pay for the massive damage caused by major oil spills.
Director, Maritime Regulation and Legal Affairs in the DMA, Kristina Ravn, says:
“Oil spills occur from time to time and that’s why the IOPC-funds remain important, ensuring due compensation for the victims. Today is a celebration of 40 years of successful international cooperation, and we are proud to be part of this work.”
The IOPC-funds are financed by contributions from organisations receiving major oil shipments by sea in ports and terminals located in the IOPC member states.
Learn more at IOPC’s own website https://www.iopcfunds.org