Travel Ban Issued for X-Press Pearl Local Agent Directors 🚢

• Legal Action: The Attorney General has secured court orders from the Colombo Magistrate’s and High Courts preventing the directors of the MV X-Press Pearl’s local agent from leaving Sri Lanka. • Incident Context: The Singapore-flagged vessel caught fire in May 2021, spilling 25 tons of nitric acid and massive quantities of plastic nurdles, causing severe environmental damage along the western coastline. • Financial & Insurance Impact: A US$ 1 Bn ruling by Sri Lankan courts has sparked global alarm. The London P&I Club warns this judgment could lead to: - Higher marine insurance premiums for vessels calling at Sri Lankan ports. - Increased reliance on uninsured "shadow fleets" globally. - Unlimited liability risks, as Sri Lanka is not a signatory to international liability-capping conventions. • Industry Risk: Global insurers highlighted that current international conventions do not cover plastic pellet spills, leaving a gap in maritime risk management and potential employment/economic stability within the shipping and logistics sector.