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Shipping Increase of the LLMC Convention liability limits

Shipping Increase of the LLMC Convention liability limits

5 February 2016 Civil Law

The Cyprus Department of the Merchant Shipping has announced the entry into force of new increase liability limits under the Convention on Limitation of Liability for Maritime Claims 1976 as amended by its 1996 Protocol (LLMC Convention) and International Convention on Civil Liability for Bunker Oil Pollution Damage of 2001.

Under the tacit acceptance procedure provided for in Article 8 of the Protocol of 1996 to amend the Convention on Limitation of Liability for Maritime Claims, 1976 (“LLMC Convention”) new increased liability limits have entered into force internationally on 8 June 2015. These increased liability limits have been adopted by virtue of Resolution LEG 5(99) of the Legal Committee of the International Maritime Organization (“IMO”) and is automatically binding on all States that have ratified the 1996 LLMC Protocol, including the Republic of Cyprus and thus apply in the territory of the Republic of Cyprus and the vessels flying the Cyprus flag. The limit of liability for claims for loss of life or personal injury on ships not exceeding 2,000 gross tonnage is 3.02 million SDR (up from 2 million SDR).