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IMO = International Maritime Organization

According to my vague understanding - the IMO rates the shipping inspection regimes of various countries and this rating forms part of the insurance assessment.

So if you switch from Greece to Liberia all sorts of costs may go down, but the likelihood is your insurance costs will go up.

by Metatone (metatone [a|t] gmail (dot) com) on Thu Jun 14th, 2012 at 08:02:39 AM EST
[ Parent ]
Shipping is not as simple as some rich guy wanting to own a ship.
There is a lot of know-how in Greece and it's no coincidence that a small country like that can boast such a position in Int'l shipping.
That know-how lowers the risk to clients and the costs to both maily from insurance fees.
by Euroliberal on Thu Jun 14th, 2012 at 08:17:19 AM EST
[ Parent ]
You overestimate those guys.

"Eurozone leaders have turned a 50bn Greek solvency problem into a 1,000bn existential crisis for the European Union." David Miliband
by Kostis Papadimitriou on Sat Jun 16th, 2012 at 11:34:46 AM EST
[ Parent ]

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