OIL SPILL LAW CHILLS LENDERS

Over every loan involving a ship transiting U.S. waters, a new and ominous cloud looms in the form of the Oil Spill Liability Act of 1990 that faces shipowners with the prospect of unlimited liability if they are involved in a pollution incident. Many banks in the U.S. are beginning to acquire insurance to protect themselves in the event that a ship on which they have a mortgage is involved in a spill. The cost of the bank insurance, which is paid for by the shipowner, is about equivalent to that for adding an extra crew member. The sorts of finance deals available under the new circumstances are reviewed, as is the option for leasing vessels.

  • Availability:
  • Supplemental Notes:
    • Journal article
  • Authors:
    • Mottley, R
  • Publication Date: 1991-1

Media Info

Subject/Index Terms

Filing Info

  • Accession Number: 00661873
  • Record Type: Publication
  • Source Agency: Maritime Technical Information Facility
  • Files: TRIS
  • Created Date: Jul 21 1994 12:00AM