London Mkt Braces for Oil Spill Losses
Friday, November 22nd, 2002 LiabilityThe London market faces the majority of claims related to the sinking of the “Prestige” off Spain’s Galician coast and the related oil spill, which threatens the livelihood of many in the region. The tanker broke in two on Tuesday and sank more than 100 miles off the Spanish coast (See IJ Website Nov. 20). Experts are hopeful that the depth —more than two miles — will keep the remaining 65,000 tons of heavy fuel oil solidified, and thus prevent further leakage, but this is by no means sure. The 8,000 or so tons that have already escaped into the sea has caused serious pollution along the beaches of Galicia, and fishing, the region’s main industry, has been suspended. The Spanish government has announced that it is seeking recovery for the costs of the clean up and the economic losses.
