Outline

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TO THE MEMBERS

Dear Sirs

We refer to the Association's circular dated October, 2003 (ref: 15/03) describing proposed new requirements of the Panama Canal Authority (PCA) for owners to have Panama Canal shipboard oil pollution emergency plans (PCSOPEP) and contracts with oil spill response organisations (OSRO).

On 14th November 2003, the PCA issued a new Advisory announcing that implementation of the planned PCSOPEP and OSRO requirements has been delayed until an evaluation of recommendations and necessary modifications can be accomplished. The PCA has indicated one option to build up full oil spill response capability itself, thus eliminating OSRO requirements and reducing to a minimum Qualified Individual participation. This option would involve a per transit fee.

The PCA will keep the industry advised of any developments and has promised that ample time for implementation will be given once the final PCSOPEP concept is published.

Yours faithfully

Thomas Miller (Bermuda) Ltd.

circular 15/03.

This circular announces a delay in the implementation of emergency plans for ships transiting the Panama Canal, previously notified in