U.S. sanctions Houthi-linked vessel Lady Sofia

Continuing to try to stem the flow of Iranian funding to the Houthis, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action March 15 against a Mumbai-headquartered, Marshall Islands-registered, shipping company Vishnu Inc., saying that its vessel, the Lady Sofia, has been involved in illicit shipments to the People’s Republic of China (PRC) in support of Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Houthi financial facilitator Sa’id...

https://www.marinelog.com/legal/safety-and-security/u-s-sanctions-houthi-linked-vessel-lady-sofia/

Vessel used in trades that funded Houthi arms hit by U.S. and U.K. sanctions

Houthi arms

As Houthi attacks on merchant ships continue with a seemingly abundant supply of Iranian weaponry, sanctions announced today by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the United Kingdom, shed some light on how those Houthi arms are being funded.

Designated in the sanctions are Hong Kong ship operator Cap Tees Shipping Co. and the 1998-built, 15,084 dwt crude oil tanker Artura, which is said to have been involved in another saga of...

https://www.marinelog.com/legal/safety-and-security/vessel-used-in-trades-that-funded-houthi-arms-hit-by-u-s-and-u-k-sanctions/

Strikes on Houthis won’t soon end trade disruptions

Overnight strikes on Houthi infrastructure by the U.S. and U.K. have not yet shut down the group’s attacks on merchant shipping. This morning the U.K. Maritime Trade Office reported an incident in which a missile was fired towards a vessel 90 nautical miles southeast of Aden, Yemen.

UKMTO WARNING 007/JAN/2024 UPDATE 001https://t.co/6a9TLpaLrg#MaritimeSecurity #MarSec pic.twitter.com/eZIBRlsLSo

— United Kingdom Maritime Trade Operations (UKMTO) (@UK_MTO) January 12, 2024

Al Arabiya cites U.K....

https://www.marinelog.com/legal/shipping/strikes-on-houthis-wont-soon-end-trade-disruptions/

OFAC moves to stem flow of Iranian funding to Houthis

As the Houthi attacks that began with the hijacking of the Galaxy Leader continue to disrupt Red Sea shipping, the U.S. is moving to stem the flow of the Iranian money that is helping sustain those activities.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today designated one individual and three entities that, it says, are responsible for facilitating the flow of Iranian financial assistance to Houthi forces,

Among those designated today is the head of the...

https://www.marinelog.com/legal/safety-and-security/ofac-moves-to-stem-flow-of-iranian-funding-to-houthis/

OFAC sanctions three more Russian oil price cap busters

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today imposed sanctions on three entities and identified as blocked property three vessels that used Price Cap Coalition service providers while carrying Russian crude oil above the Coalition-agreed price cap.

Treasury says the action underscores its commitment, alongside its international partners, to responsibly reducing oil revenues that the Russian government can use to bankroll its brutal invasion of Ukraine.

Today...

https://www.marinelog.com/news/ofac-sanctions-three-more-russian-oil-price-cap-busters/

OFAC slaps sanctions on two Russian oil price cap busters

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing sanctions on two entities and identifying as blocked property two vessels involved in carrying Russian crude oil above the price cap set by the Price Cap Coalition.

The sanctioned entities and vessels are:

  • Ice Pearl Navigation Corp of Turkey and its Marshall Islands flagged vessel Yasa Golden Bosphorus
  • Lumber Marine SA of Dubai, United Arab Emirates and its Liberian-flagged tanker SCF Primorye

The Price Cap...

https://www.marinelog.com/legal/compliance/ofac-slaps-sanctions-on-two-russian-oil-price-cap-busters/

Ransomware Attacks In The Shipping Industry

Cyber hackers continue to hone in on the shipping industry, considered a vulnerable and highly lucrative target, as demonstrated by the 400% increase in attempted cyber hacks on maritime companies between February and June 20201 , reports Lexology.

Cyber risks

Ransomware attackers are reported to have made at least USD 350 million worth of cryptocurrency in 20202, a steep rise from under USD 50 million in 2018. With these numbers in mind, maritime sector participants, from the smaller shipping...

https://mfame.guru/ransomware-attacks-in-the-shipping-industry/

BIMCO To Publish Charter Party Clause Protecting Vessel’s AIS

BIMCO is working on a charter party clause that will help the shipping industry deal with potential abuse by sanctions busters of the Automatic Identification System (AIS) which is mandatory for all ships to carry under SOLAS.

What is AIS

In general, AIS transmits data about a vessel including its identity and position. It should not be switched off or disabled at any time other than for very specific safety and security reasons permitted by the regulations, such as avoiding detection by pirates...

https://mfame.guru/bimco-to-publish-charter-party-clause-protecting-vessels-ais/

Sanctions and the maritime industry: Part 1 – Overview of OFAC and OFSI advisory notes

Sanctions and the maritime industry: Part 1 – Overview of OFAC and OFSI advisory notes

In this first in a series of articles on sanctions and the maritime industry, we provide an overview of the recent advisory notes issued by OFAC and OFSI, the US and UK bodies responsible for the implementation and enforcement of their respective sanctions, and look at what they mean for the maritime and commodities industries.

The shipping and commodities industries have found themselves at the forefront of...

https://www.allaboutshipping.co.uk/2020/08/05/sanctions-and-the-maritime-industry-part-1-overview-of-ofac-and-ofsi-advisory-notes/

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