IUMI ACCUSES EU AND US OF PROMOTING THEIR OWN POLITICAL AGENDAS

Regulation of the global shipping industry is being localized by the EU and the US, which do not take a global stance on regulation, according to Ole Wikborg, president of the International Union of Marine Insurance (IUMI), who was addressing the International Underwriters' Association (IUA) in London. Mr Wikborg noted that IUMI took a strong line that global transport industries should be regulated and legislated for globally. "Regretfully, some regions – the EU being one and the US being another – are more concerned about promoting their own political agenda and goals than having a global perspective on what affects a global business", he said. Mr Wikborg particularly criticized the 0.1% maximum sulphur content for fuels regulation, due to be implemented by the EU from January 1 2015. "The EU is implementing it regardless of what the rest of the world is saying", he said. There are concerns that engines could be damaged by the switching of fuels, leading to claims. Mr Wikborg said that he did not disagree with the way the US was acting on sanctions against Iran, but he questioned the US' lack of engagement with other countries or international bodies on the matter.