WISTA Hellas conducted its Annual Forum on November 5, focusing on the sanctions that are being imposed today, the development of digitalization, as well as the role of women in shipping and the importance of boosting their presence in the sector.
On 14 October 2019 the US issued an Executive Order (EO), imposing sanctions against the Turkish Ministry of Energy and Natural Resources and the Turkish Ministry of National Defence. Three government ministers have also been added to the US’s Specifically Designated National List (SDN List).
Reuters reports that approximately 300 oil tankers have been excluded form the shipping market because the shipping sector is afraid of breaching the US sanctions against Iran and Venezuela, even by accident. The 3% of the worldwide oil tanker fleet is out of the shipping market resulting to rates soaring to secure tankers to ship oil, particularly to Asia.
A Novatek official reported to Reuters that Novatek, the Russian liquefied natural gas (LNG) producer is looking to tranship its Yamal cargoes in Norway or Russia’s Murmansk, as the company is still unsure of its shipping activities, following the US’s sanctions on the Chinese COSCO tankers.
On May 3, 2019, the US Treasury Department’s Office of Foreign Assets Control (OFAC) published A Framework for OFAC Compliance Commitments, which sets out OFAC’s views of the necessary elements of an effective economic sanctions compliance program.
The US announced that it is deploying the USS Abraham Lincoln Carrier Strike Group and a bomber task force to the US Central Command region, as a response to a number of troubling and escalatory indications and warnings to Iran. The country also clarified that it is not seeking war with the Iranian regime, but it is ‘fully prepared to respond to any attack.
Iran threatened to block the Strait of Hormuz if it was not allowed to use the strategic waterway through which around a fifth of oil that is consumed globally passes. This came after the US announcement that it will end exemptions awarded last year to eight buyers of Iranian oil, demanding them to stop purchases by May 1 or face sanctions.
The US in coordination with Canada and the EU imposed sanctions to six Russian companies, including shipbuilders and marine equipment manufacturers. The sanctions were announced on March 15 in response to Russia’s continued and ongoing aggression in Ukraine.
The Maritime Authority of Panama (AMP) moved to cancelling the registration of a number of Iranian vessels, due to US imposing sanctions that target transportation, oil and banking areas. The move came after Juan Carlos Varela, Panamanian president, issued a presidential decree, allowing the AMP to de-register these vessels.
The Russian freighter ‘Sevastopol’, is stranded in the South Korean port of Busan for over a month. The ships has been blacklisted by the US, as its owner has allegedly violated the sanctions. According to reports, local oil companies are reluctant to supply the ship with fuel.
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