While icebergs are a constant navigational hazard in the Arctic, the cold Labrador Current carries some of them south to the vicinity of the Grand Banks and into the great circle shipping lanes between Europe and the major ports of the United States and Canada. Vessels transversing this area try to make their voyage as short and as economical as possible. Therefore, ships in the vicinity of the "limit of all known ice" normally will pass just to the south of this boundary. Vessels passing through Ice Patrol's published ice limit, run the risk of a collision with an iceberg and insurance concerns. In this area the Labrador Current meets the warm Gulf Stream and the temperature differences between the two water masses of up to 20 degrees Celsius, produces dense fog. The combination of icebergs, fog, severe storms, fishing vessels and busy trans-Atlantic shipping lanes makes this area one of the most dangerous. This fact was grimly brought to light with the sinking of the R.M.S. TITANIC in 1912, after it struck an iceberg and approximately 1517 souls perished.

As of 2007 the governments contributing to the International Ice Patrol included Belgium, Canada, Denmark, Finland, France, Germany, Greece, Italy, Japan, Netherlands, Norway, Panama, Poland, Spain, Sweden, United Kingdom, and the United States of America.

IIP's annual costs currently averages around $5.97 million.

Yes, there is the Canadian Ice Services which focuses its efforts on the waters the Canadian Economic Zone and the Danish Meteorological Institute which reports on the ice conditions around Greenland. See Related Links for links to these Patrols.

The economic value of IIP is best explained in the paper written by Clark W. Pritchett. Please click on the link below to view this paper in its entirety.