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Sanctions

With the US administration's "maximum pressure" campaign continuing against Iran and sanctions placed on Venezuela we examine the impact of this sanctions and the pain of them on the shipping industry and wider implications for the maritime community including finance, insurance, law and government

Sanctions

Trump imposes maritime-related sanctions in final act

The last-minute sanctions came into effect on Tuesday, just hours before President-elect Joe Biden takes office, with experts wondering how they will be handled by the new administration

US designates Yemen's Houthis as a terrorist group

The US decision is designed to deter outsiders from transacting with the Iran-backed rebels. But there are fears the move could also make it harder to remove the oil from the rusting floating storage tanker Safer, which the Houthis control

US bans palm oil from Malaysia’s leading producer

News of the ban will be of concern to compliance officers up and down the international supply chain, according to Ana Hinojosa, executive director of CBP’s Trade Remedy Law Enforcement Directorate. ‘Importers should know that there are reputational, financial and legal risks associated with importing goods made by forced labour into the United States,’ she said

Shipping firm among latest US sanctions targets in Iran

The US ‘remains committed to denying revenue flowing to the Iranian regime as it continues to sponsor terrorist groups, support oppressive regimes, and seek weapons of mass destruction,’ said Treasury Secretary Steven Mnuchin

US sanctions four companies for supporting Iran’s petrochemical sector

The announcement comes as Iran’s President Hassan Rouhani says his country is not ‘excited’ by Joe Biden taking over at the White House, but is ‘very happy’ to see the end of Donald Trump’s reign as US president and the insistence on the use of sanctions to force compliance

Weekly briefing: Containers in the wrong place; tanker prospects darken

A shortage of equipment is hampering the box shipping sector as trade volumes continue to surge post-lockdown and pre-Christmas. Meanwhile, energy agencies again downgrade crude demand estimates, casting an ever longer shadow on the tanker market for 2021

Sanctions-busting tactics escalate as ‘scrapped’ tanker loads at Venezuela

Vessel-tracking data from Lloyd’s List Intelligence shows two Iran-linked tankers spoofing locations and disguising identities, confirming anecdotal reports of tankers trading despite reports they have been sold for recycling

Why Biden will not put the compliance risk genie back in the bottle

The transition of power to the Biden administration in the US may signal some changes in sanctions policy, but do not expect the focus on shipping to be downgraded as a result. The requirement to monitor maritime risk is now embedded within financial, insurance and political processes and all signs point to increased complexity, not less

US sanctions shipping companies over North Korea links

The US Office of Foreign Assets Control has blacklisted another six entities, including two registered in the UK, as well as four affiliated vessels for North Korean coal trades

Lloyd’s List 2021 Shipping Outlook Forum: Poll results

The recent Lloyd’s List 2021 Shipping Outlook Forum addressed some of the critical questions facing shipping and provided insight into what the coming year will bring. View the results of our online Outlook 2021 poll in full below

Quarter of elderly aframax tankers deployed in sanctioned trades

Aframaxes make up one of the most rapidly ageing sectors within the global tanker fleet, but new trades may dampen expectations that poor earnings will hasten scrapping of these vintage tankers in 2021

Resold China-flagged tankers lift first Venezuelan cargoes in six months

Sales and purchase brokers note trend of elderly tanker tonnage being sold to anonymous buyers for sanctions busting

Lloyd's List Sanctions
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