This is an updated report following our previous circulars No.03-005 of 3^rd June 2004 entitled “International Supplementary Fund for Compensation to the 1992 Oil Pollution Compensation Fund Convention” and No.04-021 of 29^th November 2004 entitled “Small Tanker Oil Pollution Indemnification Agreement (STOPIA)”.

1. The Supplementary Fund Protocol will come into effect on 3^rd March 2005.

On 3^rd December, 2004 Spain ratified the International Oil Pollution Supplementary Fund Protocol (the “3^rd Tier Protocol”) to create the International Oil Pollution Compensation Supplementary Fund. With Spain's ratification the conditions for the operation of the 3^rd Tier Protocol have been fulfilled and it will enter into force on 3^rd March 2005. (Please see the attached “IOPC Fund Press Statement of 7^th December 2004”.) 

(Remarks) Conditions for Entry into Force

The 3^rd Tier Protocol will enter into force three months after it has been ratified by eight States whose contributing oil received during the preceding calendar year exceeds, in total, 450 million tons. 

(a) States who have ratified the Protocol as of 3^rd December 2004 are Denmark, Finland, France, Germany, Ireland, Japan, Norway and Spain. 

(b) The aggregate quantity of contributing oil received in these States during the 2003 calendar year was about 532 million tons.  

2. STOPIA

It is intended that STOPIA will incept simultaneously with the entry into force of the 3^rd Tier Protocol. The drafting of STOPIA is still in its final phase and we will report further on developments as soon as these are available.