Editor: 13G; A Lack of Debate

In 1994 I wrote a paper regarding the impact of Certificates of Financial Responsibility (COFRs) mandated by the US Oil Pollution Act of 1990 and their potential impact on tanker economics. The result was inconclusive. The industry either did not know, did not want to reveal, or, like ostriches with their heads in the sand, did not want to know the quantified implications COFRs. There were two prevalent schools of thought: One held by the owners, whereby there would be a “train-wreck scenario” with Owners refusing to pay for COFRs, avoiding trade to the US and driving the cost of petroleum products up. The other was “wait-and-see”: There would be a focus on liability and environmental safety at a reasonable cost.

This is only an excerpt of Editor: 13G; A Lack of Debate

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.