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