OFAC

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/

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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