• Journal of the Korean Society of Marine Environment & Safety
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• v.15 no.3
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• pp.213-216
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• 2009

Since adopting 1969 CLC and 1971 FC, IMO increased maximum amount of compensation by adopting protocols of 1969 CLC and 1971 FC. Recently IMO adopted 2003 Supplementary Fund by which the compensation limits increased dramatically to 750 million SDR. Korea government has only entered 1992CLC/FC. However, since the Hebei Spirit incident in 2007, there have been strong claims that Korea government should enter 2003 Supplementary Fund. In this article, feasibility study was carried out to help Korea government decide whether or not entering the Convention. The quantitative analysis has been carried out using data of the past oil spill accidents and contribution fee to IOPC Fund and showed that the benefit was much bigger than costs. The qualitative analysis in relation to resources fix compensation to victims, benefits of consignee, and the status of Korea in IMO also showed that Korea should ratify the 2003 SF.