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Stricter requirements have been imposed on some marine insurers covering ships in the United Arab Emirates amid growing concerns over unregulated shipping, the Emirates state news agency (WAM) reported, with the aim of improving environmental safety.
The UAE Ministry of Energy and Infrastructure announced in a June 2 circular that insurance standards for ships registered under its flag will be tightened for insurers not part of a leading international ship insurer group known as the P&I Club, The group covers 90% of the world’s ocean-going fleet of ships.
“By prioritizing strict P&I standards, we ensure the safety, financial security and environmental management of maritime activities, attracting reputable investors,” WAM quoted Hessa Al Malek, adviser to the Minister of Maritime Transport Affairs.
The move will also reduce the risk of accidents and oil spills, resulting in a safer and more secure marine environment, WAM said.
Over the past few years, hundreds of poorly regulated “ghost” tankers have joined the opaque parallel shipping trade, carrying oil from countries hit by Western sanctions and restrictions such as Russia and Iran.
The number of accidents last year, including groundings, collisions and near misses involving the ships, reached its highest level in years, a Reuters investigation showed.
In March 2022, the Financial Action Task Force added the UAE to a list of jurisdictions subject to heightened surveillance, the so-called “grey” list.
The UAE, one of the world’s largest maritime hubs, has also become a location for shipping lines to operate without top-tier insurance or other services such as safety certifications offered by the world’s largest provider.
SOURCE: Reuters (Reporting by Jonathan Saul, additional reporting by Lisa Barrington in Dubai; Editing by Emelia Sithole-Matarise)
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