2 Amendment of compensation limits for oil pollution
1 The Merchant Shipping Act 1995 is amended as follows.
2 In section 157 (limitation of liability for oil pollution by tankers), in subsection (2)—
(a) in paragraph (a), for “three million” substitute “4.51 million”;
(b) in paragraph (b)—
(i) for “three million” substitute “4.51 million”;
(ii) for “420” substitute “631”;
(iii) for “59.7 million” substitute “89.77 million”.
3 In Part 1 of Schedule 5 (text of paragraphs 4 and 5 of Article 4 of the Fund Convention), in the text of paragraph 4—
(a) in sub-paragraphs (a) and (b), for “135 million” substitute “203 million”;
(b) in sub-paragraph (c), for “200 million” substitute “300.74 million”.