OFAC

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/

Venezuela sanctions: U.S. designates two more ships

The U.S. Treasury’s Office of Foreign Asset Control OFAC yesterday designated two more shipping companies and two ships as breaking Venezuela sanctions. It also withdrew the designations earlier imposed on two other companies and ships.

Delos Voyager Shipping Ltd. is the registered owner of the Panamanian-flagged crude oil tanker Delos Voyager (IMO 9273052).

OFAC says that Delos Voyager loaded approximately 515,000 barrels of Venezuelan crude in mid-January 2020 and delivered it to Qingdao,...

https://www.marinelog.com/shipping/venezuela-sanctions-u-s-designates-two-more-ships/

Global Maritime Industry Braces for Regulatory Sanctions

  • OFAC has brought close to 800 actions against maritime vessels.
  • Shipping industry has been thrown into chaos by an unprecedented escalation of sanctions activity.
  • Freight rates soared on the blacklisting of Chinese shipper Cosco for allegedly shipping Iranian crude and gas.
  • The advisory surrounds the use of automatic identification system (AIS) transponders.
  • Curbing ship-to-ship transfer will halt funding to North Korea and Iran.
  • It will launch the registry information sharing compact (RISC).
  • A...

http://mfame.guru/global-maritime-industry-braces-for-regulatory-sanctions/

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