US warns of more shipping sanctions

The United States has warned shipping companies other than Cosco could fall victim of sanctions if they are found to be moving goods such as Iranian oil.

Speaking in London yesterday, David Peyman, deputy assistant secretary of state for counter threat finance and sanctions, said the decision this September to slap a Dalian tanker unit of mighty Cosco “set a good precedent for others in the sector to learn the lessons from a designation like Cosco – that no company is too big to be sanctioned, no company is in a jurisdiction that is safe from sanctions and what they could be doing to protect themselves”.

Peyman said discussions with Cosco were ongoing, but he gave no timeline of lifting the sanctions any time soon.

Another Chinese tanker outfit, Kunlun, was also hit with sanctions by Washington at the end of September, sparking a tremendous, rapid rise in tanker rates last month.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button