Sanctions
Sanctions against Russia in response to the country’s invasion of Ukraine continue to mount, while the US administration is reportedly weighing options on both Iranian and Venezuelan sanctions to address the energy gap created by restrictions on Russian oil and gas imports. Lloyd’s List examines the impact of this sanctions and the pain of them on the shipping industry and wider implications for the maritime community including finance, insurance, law and government
D’Amico: We didn’t expect this market to last as long as it has
On the back of another healthy quarter, d’Amico chief executive Carlos Balestra di Mottola cited the ‘exceptional circumstances’ that are keeping product tanker rates high
Sanctioned LPG fleet swells in October but impact remains to be seen
The US announced sweeping sanctions on Iran’s LPG shadow fleet last month, bringing the total of Iran-trading LPG carriers designated by Ofac to over 40%. Whether that impacts Iran’s LPG supply chain remains to be seen
Compliance confusion grows as UK ramps up sanctions pressure
Insurers and lawyers are raising concerns that the increasingly aggressive sanctions stance of the UK means vessels engaged in a lawful oil-price-cap-compliant trade involving Russia are potentially now at risk of designations
Russia takes on Venezuelan naphtha trade
Vessels can be seen making ‘clean’ loadings at Russian ports and engaging in normal-looking STS transfers, but downstream the supply chain there are deceptive shipping practices being used to discharge the cargo
More LPG carriers are spoofing loadings in Russia. It’s not entirely clear why
The gas carriers are employing the playbook of vessels moving sanctioned oil and gas cargoes, but the reason is unclear. Russian LPG is not subject to restrictions under the G7 price cap and is only subject to some import restrictions by the EU
Selling a tanker into the shadow fleet? That could be on you, Gard warns
Rules could apply not just to next owner but owner after that
Tanker stocks sink as Opec+ output pause and softer freight rates stir market jitters
Despite a market sell-off sparked by Opec+’s cautious move, the real turning point for tankers may lie in how deeply sanctions reshape global oil flows
Ukraine hits Russia’s key oil export facility in the Black Sea
The oil facilities and a tanker were set ablaze in Tuapse port after the Ukrainian drone attack in the early hours of Sunday
Sanctions squeeze on Russian and Iranian oil seen lifting ‘clean’ tanker demand, CMES says
The Shanghai-listed shipowner says ageing global tanker fleets and limited shipbuilding capacity will further support freight rates amid shifting trade patterns
Judge agrees to pause Tinos I proceedings as parties reach ‘agreement in principle’
The legal battle between Vitol and the US-sanctioned owners of Tinos I appears to be approaching a conclusion as ‘agreement in principle’ reached to resolve Vitol’s lawsuit
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