The International Maritime Organization has confirmed that the 2010 HNS Convention will enter into force on November 29, 2027, establishing a global compensation regime for incidents involving hazardous and noxious substances carried by sea. The Convention covers damages arising from more than 2,000 substances, including chemicals, fertilizers, LNG, LPG, oils, and acids. Shipowners will be subject to strict liability and required to maintain state-certified insurance or other financial security, while additional compensation will be available through the HNS Fund financed by cargo receivers in contracting states. With 12 countries, including Canada, now party to the Convention, it is estimated that approximately 65,000 ships worldwide will require HNS insurance certification, with compensation capped at 250 million SDR (approximately US$360 million) per incident.
