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Sanctions

Sanctions against Russia in response to the country’s invasion of Ukraine continue to mount, while the US administration is reportedly weighing options on both Iranian and Venezuelan sanctions to address the energy gap created by restrictions on Russian oil and gas imports. Lloyd’s List examines 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.

Operation starts to reload confiscated oil onto Iranian tanker in Greece

Vessel was sanctioned by the US in February for ties to a state-owned Russian bank, not for carrying Iranian crude

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Anonymous Chinese shipowner spends $376m on tankers for Russian STS hub

Evolving marine transport model seeks tankers to operate outside established markets, yet remain compliant with class, insurance and other regulatory and technical rules

Sovcomflot pledges ‘alternative payment’ route to meet bond obligations

Having missed two issues of notes outstanding, amounting to $928m, sanctioned Russian state-owned tanker giant Sovcomflot has found an alternative payment route to meet its obligations

Turkish port sanctioned as US increases pressure on Russia-linked entities

The US is targeting what it believes are Moscow’s key economic players and sectors as it seeks to empty Russia’s coffers and hinder its activity in Ukraine

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US sanctions seven entities linked to Iranian oil and petrochemical trade

Panama-flagged LPG tanker is said to have hidden its position when loading butadiene from Iran in July last year. The vessel’s insurance company and class society have withdrawn their services

Russian oil shipping sanctions are driving charter secrecy

An evolving ‘grey market’ means fewer charters reported to market as cargoes concentrated in hands of Russian traders

Release for Iranian hostage tankers not yet assured, say Greek officials

Lawyer for crew families pleads for priority to be given to seafarers’ lives rather than oil or sanctions as ordeal clocks up two months

Daily Briefing July 27 2022

Russia and China behind ‘high-risk’ mid-Atlantic tanker transfer hub | Flag states still failing to submit casualty reports | Gambia’s flagging foray results in string of ship detentions

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Russia and China behind ‘high-risk’ mid-Atlantic tanker transfer hub

Emergence of an Atlantic ship-to-ship transfer hub is a case of owners taking big risks for big money. At the core of these operations are five tankers bought by an unknown Chinese entity between April and May now running ships under separate company names all registered to the same address

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Black Sea arrivals rising amid changing trade dynamics

Trade in the Black Sea is changing as shipowners adapt to the new wartime norm 

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Russia’s commercial departures creep up as war drags on

Outbound sailings of bulk carriers and general cargo ships from Russia are approaching the levels seen before the situation in Ukraine unfolded, but containership activity is failing to recover

EU looks to Atlantic Basin to replace banned Russian coal supplies

With EU members banning the import of Russian coal and other solid fossil fuels from next month, a scramble is under way to source replacements 

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