The benefits or otherwise of the Nairobi Convention on wreck removal

Abstract

This Research project aims to identify the main reasons behind the creation of the Nairobi International Convention on the Removal of Wrecks 2007 (“WRC”), as well as pinpointing the major advantages and disadvantages the WRC has brought about. The Introduction will be dedicated to the way in which the Convention came about, and shall include a timeline of past events owing to the creation of the WRC. Chapter 1 will then focus on the reasons why the WRC needed to be created and will identify the main objectives that the International Maritime Organization (“IMO”) seeks to attain through it. Furthermore, Chapter 1 will enable the reader to understand the definition of the term wreck more clearly and shall also guide the reader into understanding the area within which the Convention shall apply. Chapter 2 enables the reader to better his understanding of the WRC by discussing some of its most important components. In this Chapter, the author shall be delving into the rights and duties that are to be attached to State Parties as well as shipowners. The aim of this chapter is to help the reader grasp some of the WRC’s most salient articles. Chapter 3 focuses on the longest article in the WRC, that is, compulsory insurance or other financial security. This chapter will link major wreck incidents that have occurred recently, with the growing need for a new liability convention. The author shall also examine the most important aspects of Article 12 and scrutinize their applicability in the WRC. Chapter 4 will then focus on the main factors driving up the cost of wreck removal operations, while also discussing the possible impact that this may leave on the maritime insurance industry in general. Finally, the author concludes by giving his opinion on whether the WRC was a step in the right direction or not.