The development
Members will no doubt be keenly following developments at the MEPC 67 in London as there are important matters being discussed which will have a real bottom line effect.
A detailed update on MEPC 67 will be published separately, but for the moment members are asked to note that as widely expected Japan and Turkey have now come out and announced their ratification of the Convention.
This brings shipping to 32.54% of the global GRT as having ratified, with the Convention coming in to force 12 months after 35% have ratified.
The criteria for number of country ratifications was met some time ago.
It is now expected that the criteria for entry in to force may be met in the first quarter of 2015, which means a possible "going live" by early 2016.
Going forward
Members need to follow the developments at the IMO closely as well as the developments in the US with respect to possible "Type Approval" announcements, which are hoped to be declared within the first half of 2015.
The Association has previously provided guidance for members and it is very important that owners and technical managers are fully ready to meet the requirements of this Convention once it comes in to force.
While the capital investment cost and the lack of approved technology has deterred some owners to date, once the Convention enters in to force it will be necessary to ensure all applicable vessels will be ready as per the implementation schedule. Events will move forward in the USA in any event and members trading there should be closely familiar by now with the specific US requirements: 46 CFR Part 162.
For any member not closely familiar to US trades, but considering to start the same, contact should be made with Skuld New York for further assistance.