BIMCO informed that the US sanctions on Iran are affecting the tanker shipping industry. The immediate effects may be less tangible but they add more uncertainty to the whole shipping industry that has plenty of uncertainty to deal with. Freight rates for crude oil tankers and oil product tankers are making losses.
The decision by President Trump on 8th May, 2018 to cease the US participation in the JCPOA and to re-impose US nuclear-related sanctions which were lifted to implement the JCPOA, is likely to have significant consequences for maritime trade with Iran and the insurance of such trade, the UK P&I Club warns.
After the US withdrawal from JCPOA, which will reinstate all sanctions that had been previously imposed on Iran, the European Commission took steps to preserve the interests of European companies investing in Iran, on the sidelines of an informal meeting in Sofia, demonstrating the EU’s commitment to the Iran nuclear deal.
French energy major Total announced it will not be in a position to continue and take any further commitment related to the South Pars 11 project, following the US withdrawal from the JCPOA, re-imposing the US sanctions that were in force before the JCPOA’s implementation.
The world’s top two container shipping companies, Danish Maersk Line and Geneva-based MSC, are reviewing their Iran operations, following the US withdrawal from the international nuclear agreement with Tehran. This is expected to have significant implications for shipping trade with Iran and the insurance of this trade.
On 8 May, US President Trump announced decision to withdraw the US from participation in the JCPOA (Joint Comprehensive Plan of Action) and to re-impose US nuclear-related sanctions, which is expected to have significant implications for shipping trade with Iran and the insurance of this trade.
After US imposed further sanctions against Russia on 6th April, the inclusion of Rusal in this list, confused the aluminium trades, since Rusal is a major shipper of both raw and finished commodities. To clarify the situation the US issued two licenses for trading with Rusal. The licences allow parties to continue trading with Rusal until 23 October 2018.
The US expanded its sanctions against Russia, and they now include designations against key individuals operating in Russia’s energy sector, along with 12 energy companies owned or controlled by these persons. These new sanctions also have implications for non-US persons and entities, which have to carefully consider the risk of secondary sanctions when dealing with Russian parties in the future.
Following introduction of the cryptocurrency ‘Petro’ in February 2018, the US President has issued a further Executive Order, which prohibits US persons, and persons within the US, from engaging in any dealings in “any digital currency, digital coin or digital token” issued by Venezuela on or after 9 January 2018, which would include the Petro.
