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Landlocked Mongolia's profit from the ocean |
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Wednesday, 03 May 2006 |
Ts. Tsengel, minister of Road, Transportation and Tourism, informed that over 240 ships float through Asia and Pacific Ocean with Mongolian flag. Fifty five of them transport mineral oil. Mongolia got a total profit of over 800 thousand US dollar for leasing flag. Over 30 ocean transport companies in Singapore, Russia, Japan, Korea and Thailand lease the Mongolian flag for their ships.
Mongolia Neweurasia reports on several downsides of this profitible system, quoting new regulations that might be an insentive for non-resposible ships to take register their ship in Mongolia:
The members of the Mongolian Parliamentary Standing Committees approved on Tuesday a ratifying a new protocol for the renovation of the 1969 international convention on civil responsibilities to be assumed for damage caused in the oceans by the oil transporting tankers. Under the 1969 convention, to which Mongolia joined in 1969, in case the oil transporting ships cause damage to the oceans the respective country, whose flag is used by the ships, bears responsibilities. Under the new protocol, the responsible will be not the countries, whose flags are used by foreign ships, but the registration and insurance companies.
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