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The Daily View: The cheque’s in the post

Your latest edition of Lloyd’s List’s Daily View — the essential briefing on the stories shaping shipping

    

ALL OF you will of course have examined the submissions made to the International Maritime Organization’s Assembly and Council meetings very closely indeed; what better way to spend these long winter nights.

IMO documents are not always thrilling at the best of times, but there are some interesting nuggets in the ordinarily dry and procedural meetings of the council and assembly.

One of which is the list of contributions made by member states to the IMO. Each state is required to contribute to the general fund, and the size of that contribution is calculated based on its economic might and the size of its registered fleet.

The naughty list numbers 49 and includes some weighty arrears — Vietnam owes in excess of £100,000, for example — and some rather comical ones, such as Yemen’s £9.45. A brief whip round ahead of tomorrow’s proceedings could surely solve that particular problem.

Other than making for entertaining reading, the list does have some wider implications. Under the IMO’s rules, countries that have not discharged their financial obligations within a year of them being due cannot vote in the election of the IMO’s Council being held on Friday.

Nor can they be elected. But the secretary-general can grant an exemption to Article 61, which sets out these rules.

This is particularly relevant in the case of Russia, which owes £370,000.

Rather ironically, the Russian transport ministry said it has tried to pay up, but sanctions imposed on its banking system have made transfers impossible to the IMO’s UK-based bank accounts.

Having paid everything due before 2024 and taken a chunk out of 2025’s assessment, it’s been deemed that Article 61 does not apply to Russia.

This has ramifications for Friday’s council vote.

Russia was booted off of the IMO Council in 2023 following its invasion of Ukraine. Liberia was elected in its stead and has sat in the “category A” group of nations in the two years since.

But Russia has been seeking a return from the cold.

There is a school of thought that anger at the US following last month’s MEPC washout might see it voted off the council. The fact that Liberia allied itself with the US’ position last month won’t have won it many friends either.

Does that leave enough room for Russia to sneak up on the outside rail? Its case that the IMO is being politicised by events outside of its remit is gaining traction among some member states.

It fell short of convincing IMO-sister agency the International Civil Aviation Organization that it deserved to come back inside the tent earlier in the year.

It may go one better on the Albert Embankment.

Joshua Minchin
Senior reporter, Lloyd’s List

Click here to view the latest Lloyd’s List Daily Briefing

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