The global shipping and port security measures laid down by the International Maritime Organisation (IMO), seaborne trade's de facto governing body, could cost the industry as much as US$80 billion to put in place, according to a leading security official.
The IMO presented a basic framework for the 'risk assessment' measures, known as the new International Ship and Port Facility Security (ISPS) code, in December but the potential price tag surfaced at a recent conference in Washington.
The proposed anti-terrorism measures, scheduled for July next year, will apply to the thousands of ships in the global fleet and its 120,000 crew members, 20,000 ports and 100,000 port-related facilities.
'With all the focus on US Customs Container Security Initiative [CSI], the IMO proposals have slipped under most people's radar,' Kim Pedersen, executive director of Maritime Security Council told the South China Morning Post. 'But the IMO does not plan to issue an extension beyond the July 1 deadline.'
Part of the new security code will ask shipping lines, regardless of the type of cargo they carry, to appoint a 'company security officer' who must have a background in security training.
The companies will be expected to undertake an initial 'security assessment' on every vessel in its fleet, and one every five years after the deadline.