A 12-year saga over KRW 432.9bn ($370m) in compensation payments related to South Korea’s largest oil spill is coming to a close.
In December 2007, the 270,000-dwt tanker Hebei Spirit (built 1993) spilt 11,000 tonnes of its cargo while at anchor off the north-western port of Daesan after it was hit by a local barge crane.
The International Oil Pollution Compensation Funds (IOPC Funds) meeting in London this week heard that final payments have been completed to the vessel’s protection and indemnity insurer, Skuld, and the South Korean government.
