Us Treasury News

25 May 2020

Tankers Carrying Iranian Fuel Approach the Caribbean

© M Pasban / MarineTraffic.com

A flotilla of five tankers carrying Iranian fuel for gasoline-starved Venezuela is approaching the Caribbean, with the first vessel expected to reach the South American country's waters on Sunday, according to Refinitiv Eikon tracking data.Iran is supplying about 1.53 million barrels of gasoline and alkylate to Venezuela, according to both governments, sources and calculations made by TankerTrackers.com based on the vessels' draft levels.The shipments have caused a diplomatic standoff between Iran and Venezuela and the United States as both nations are under U.S. sanctions.

18 May 2020

The Unsung Benefits of the Inland Waterways

© Paul D. Lemke / Adobe Stock

With developments in the current health crisis almost entirely consuming nearly all news reporting, one could be forgiven for thinking that the members of Congress are thinking about and working on little else, and that even if they were, the divisive partisanship of recent years would doom the prospects of much else getting done. Happily, that is not the case for the nation’s inland waterways. Both houses of Congress are diligently working on maintaining the momentum of passing a Water Resources and Development Act (WRDA) every two years…

14 May 2020

Trump Administration Issues Maritime Advisory on Sanctions

© TWEESAK / Adobe Stock

The Trump administration on Thursday issued guidelines to help ship owners and insurers avoid the risks of sanctions penalties, standards that maritime players and a senior State Department official said were modified following months of discussions with industry.The guidelines, known as a Global Maritime Advisory, concern sanctions on Iran, North Korea and Syria. The State Department said it is committed to disrupting sanctions evasion and smuggling of goods, including oil exports from Iran…

16 Mar 2020

Fed Funds Could Aid Battered Cruise Lines

© smallredgirl/AdobeStock

U.S. Treasury Secretary Steven Mnuchin said on Sunday officials will have a better idea this week of the total cost of a coronavirus aid package, but predicted it will likely be "significant but not huge."Mnuchin told "Fox News Sunday" he also planned to talk to lawmakers about critical aid to airlines, as well as the hotel and cruise ship industries."It's hard to model some of these things because you don't know how many workers are going to be home. I want to be careful about throwing out numbers," he said.

02 Feb 2020

US Lifts Sanctions on COSCO's Dalian Unit

© Anatoly Menzhiliy / Adobe Stock

The United States on Friday lifted sanctions on one of two units of the Chinese tanker company COSCO, the U.S. Treasury said, partially reversing its punishment on the company for transporting Iranian oil after China complained about the measure in trade talks with Washington.President Donald Trump's administration on Sept. 25 blacklisted two units of COSCO, named after the northeastern Chinese port of Dalian. The move sent worldwide freight costs to record highs and disrupted the global shipping market.The U.S.

19 Dec 2019

US Renews Waiver on COSCO's Dalian Tanker Unit

© Vladimir Serebrianskiy / Adobe Stock

The Trump administration on Thursday renewed a waiver for companies to wind down transactions with the Dalian unit of a Chinese tanker company on which it had imposed sanctions in September for allegedly transporting Iranian oil.The waiver, good until Feb. 4, 2020, allows activities and transactions "ordinarily incident and necessary to the maintenance or wind down of transactions" including offloading of non-Iranian crude oil involving COSCO's Dalian Shipping Tanker Co, the U.S.

03 Dec 2019

U.S. Blacklists Six Oil Tankers in New Venezuela-Related Sanctions

© Parilov / Adobe Stock

The Trump administration on Tuesday blacklisted six oil tankers involved in the shipment of Venezuelan oil to Cuba, the latest in a series of sanctions aimed at pressuring Havana to abandon its support for socialist Venezuelan President Nicolas Maduro.Six vessels belonging to state-run oil company Petróleos de Venezuela SA, or PDVSA, were targeted, according to a statement from the U.S. Treasury Department."Cuba and the former Maduro regime continue trying to circumvent sanctions by changing the names of vessels and facilitating the movement of oil from Venezuela to Cuba…

30 Oct 2019

OP/ED: Offshore Wind

Nicolette Nye, Vice President of Communications and Member Development of the National Ocean Industries Association (NOIA) in Washington, DC.

Set to Soar, Taking Offshore Support Industry With it.Offshore energy development is opening a new front in the United States -- the Atlantic seaboard, with strong winds, a shallow continental shelf and a proximity to dense population centers is driving strong interest in offshore wind development. The offshore oil and gas supply chain stands to benefit in a big way from billions in coming investment. In fact, it is already playing a role. Companies in the Gulf of Mexico, which traditionally support the offshore oil and gas sector…

29 Oct 2019

Full Utilization of HMTF Passes in U.S. House

Photo: Dredging Contractors of America

This evening the U.S. House of Representatives passed by a recorded vote the Full Utilization of the Harbor Maintenance Trust Fund (HMTF), H.R. 2440. The vote was 296 in favor and 109 opposed. The voting required a two-thirds super majority of the House in order to pass under “suspension of the rules.”There were  seventeen (17) bills presented in the House of Representatives today with fifteen (15) bills passing by voice vote. The Full Utilization of the HMTF was one of two bills…

25 Oct 2019

Tankers Sail after U.S. Provides Sanctions Relief

AdobeStock / © Jose Gill

At least three tankers are on their way to Asia with U.S. oil cargoes after Washington gave temporary approval to wind down transactions with a Chinese shipping company that it sanctioned last month, according to data and shipping sources.In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington on Sept. 25 announced sanctions on Chinese tanker companies, including COSCO Shipping Tanker (Dalian), a subsidiary of…

23 Oct 2019

DCA to U.S. House: Fully Utilize HMT Fund

William P. Doyle, CEO and Executive Director of the Dredging Contractors of America (DCA)

The U.S. House of Representatives is set to consider H.R. 2440, Full Utilization of the Harbor Maintenance Trust Fund bill on Monday October 28, 2019. The bill may be presented in the House under “suspension of the rules.”“We strongly support the Full Utilization of the Harbor Maintenance Trust Fund for intended purpose,” said William P. Doyle, CEO and Executive Director of the Dredging Contractors of America (DCA). “This bipartisan bill makes it easier for Congress to appropriate any funds collected in the Trust Fund for authorized harbor maintenance needs…

08 Oct 2019

Novatek in Talks on LNG Transhipment

Photo: Novatek

Russia's liquefied natural gas (LNG) producer Novatek is in talks to tranship its Yamal cargoes in Norway or Russia's Murmansk because it is unsure of the impact of U.S. sanctions on the Chinese COSCO tankers it uses, a Novatek official said.The United States imposed sanctions on Sept. 25 on state-owned COSCO's subsidiaries, COSCO Shipping Tanker (Dalian) Co and COSCO Shipping Tanker (Dalian) Seaman & Ship Management, for allegedly ferrying Iranian crude.U.S.-listed ship owner Teekay LNG said last week its shipping joint venture in Russia, Yamal LNG, had been "blocked" by the U.S.

24 Sep 2019

U.S. Slaps Sanctions on Firms Moving Venezuelan Oil to Cuba

© Marit / Adobe Stock

The U.S. Treasury Department on Tuesday imposed sanctions on four maritime firms and vessels transporting Venezuelan oil to Cuba, amid an acute fuel scarcity in the island that is forcing people to line up for gasoline and public transport.Despite tough U.S. measures against Venezuela's state-owned oil company PDVSA in January, Cuba's state-run oil import and export company Cubametales and other Cuba-based entities "have continued to circumvent sanctions by receiving oil shipments from Venezuela…

03 Sep 2019

Trump warns China Against Trade Talk Delays

AdobeStock / © Rawf8

U.S. President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a U.S. recession.The world's two largest economies imposed fresh tariffs on each other on Sunday, ratcheting up a tit-for-tat tariff war that has unsettled financial markets and raised the specter of a global recession. U.S. and Chinese negotiators are due to meet in person in Washington this month, but no date has yet been set.U.S.

03 Sep 2019

Iranian Tanker Goes Dark off Syria

The Iranian oil tanker Adrian Darya 1, under its former name in a recent photo. CREDIT: MarineTraffic.com

The Iranian oil tanker Adrian Darya 1 at the centre of a dispute between Tehran and Western powers appears to have turned off its transponder in the Mediterranean west of Syria, Refinitiv ship-tracking data showed on Tuesday.The tanker which is loaded with Iranian crude oil, sent its last signal giving its position between Cyprus and Syria sailing north at 15:53 GMT on Monday, the data showed.The vessel, formerly named Grace 1, was detained by British Royal Marine commandos off…

23 Aug 2019

GoM Lease Fetches $159mln in High Bids

Image: U.S. Department of the Interior

Gulf of Mexico (GoM) Lease Sale 253 in New Orleans generated over $159 million in high bids for 151 tracts covering 835,000 acres in federal waters.Twenty-seven companies participated in the lease sale, submitting approximately $175 million in bids, said Bureau of Ocean Energy Management (BOEM).“We are excited about the results from today’s lease sale, which show a continued upward trend for the year. The total from today’s lease sale and the March sale is the highest since 2015 for high bids,” said Interior’s Deputy Assistant Secretary for Land and Minerals Management Andrea Travnicek.

02 Aug 2019

NOIA Weighs in on The COASTAL Act

National Ocean Industries Association (NOIA) Vice President for Government and Political Affairs Tim Charters

National Ocean Industries Association (NOIA) Vice President for Government and Political Affairs Tim Charters issued the following statement after the introduction of the Conservation of America’s Shoreline Terrain and Aquatic Life (COASTAL) Act:“It is vital that American offshore energy production promote equity for the states immediately adjacent to these offshore areas. By amending GOMESA and establishing a revenue sharing program for Alaska, the COASTAL Act will ensure that these states receive continued benefits from their participation in offshore energy production…

10 May 2019

U.S. Imposes Venezuela Sanctions on shippers, tankers

File Image: AdobeStock / © Renaschild

The United States has imposed sanctions on two shipping companies and two tankers involved in trade with Venezuela, the U.S. Treasury Department said on Friday.The two companies are based in Marshall Islands and Liberia, and both tankers have Panama flags, the Treasury said in a statement on its website.Reporting by Makini Brice

12 Apr 2019

U.S. Sanctions Firms, Ships for PDVSA Cargoes

The United States on Friday announced more sanctions on shipping companies transporting oil from Venezuela, blacklisting four shipping companies and nine vessels, some of which the U.S. Treasury Department said carried oil to Cuba.The U.S. Treasury identified the firms as Liberia-based Jennifer Navigation Ltd, Lima Shipping Corp and Large Range Ltd, and Italy-based PB Tankers S.P.A.It blacklisted one tanker belonging to each of the Liberian firms and six owned by the Italian firm.A Treasury statement said Venezuela’s oil sector continued "to provide a lifeline to the illegitimate regime" of Venezuelan President Nicolas Maduro.“We continue to target companies that transport Venezuelan oil to Cuba…

13 Mar 2019

Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite

© alexyz3d / Adobe Stock

Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November, exploratory talks with South Korea for up to 10 new supertankers have stalled and Panama has also removed at least 21 Iranian tankers from its registry forcing Tehran to put the vessels under its own flag…

15 Mar 2019

McQuilling ends tanker contracts with PDVSA

File Image / CREDIT: AdobeStock / © Kasto

A second maritime firm has told Venezuela's state-run oil firm Petroleos de Venezuela it would end all charter contracts with the company as a result of U.S. sanctions, according to an internal document and a person familiar with the matter.U.S.-based McQuilling Partners Inc, which provided PDVSA with four contract tankers, joined German tanker operator Bernhard Schulte Shipmanagement (BSM) in withdrawing from providing oil-shipping services to Venezuela.The United States levied…

04 Feb 2019

Tankers with Venezuelan Oil Collect off US

© Igor Groshev / Adobe Stock

A flotilla loaded with about 7 million barrels of Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest U.S. sanctions on Venezuela and others whose buyers are weighing who to pay, according to traders, shippers and Refinitiv Eikon data.The Trump administration's move to impose sanctions last week was meant to undercut support for Venezuelan President Nicolas Maduro by targeting the Latin American nation's oil exports to the United States, the source of most of its foreign revenue.The sanctions aim to block U.S.

13 Feb 2019

Mnuchin: China Talks "So far, so good"

© windy Li/AdobeStock

U.S. Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday, as the world's two largest economies try to iron out an agreement to resolve their trade dispute."So far, so good," he said when asked by reporters on how the meetings in Beijing went. He did not say who he met.Mnuchin said earlier he hoped for "productive" trade meetings as the two countries seek to end a festering dispute that has seen both sides level tariffs at one other.U.S. tariffs on $200…

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