Us Treasury Department News

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…

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.

20 Apr 2018

Oldendorff Halts Guyana Operation Due to Rusal Crisis

(File photo: Oldendorff)

German shipping group Oldendorff Carriers is stopping its business in Guyana, the company said on Friday, after the United States blacklisted Russian aluminum producer Rusal, which has a plant in the South American country.The United States on April 6 imposed sanctions against Russian entities and individuals to punish Moscow for its alleged meddling in the 2016 U.S. election and what the U.S. Treasury Department dubbed other "malign activity".Since then, the world's two biggest…

23 Feb 2018

US Targets 28 Vessels in New North Korea Sanctions

© Anatoly Menzhiliy / Adpbe Stock

The United States targeted North Korea in a new wave of sanctions on Friday directed at one person, 27 companies and 28 vessels, according to a statement on the U.S. Treasury Department's website.   The Treasury's Office of Foreign Assets Control announced the new measures, which are designed to disrupt North Korean shipping and trading companies and vessels and to further isolate Pyongyang.     (Reporting by Doina Chiacu Editing by Chizu Nomiyama)

29 Jun 2017

US Sanctions Chinese Shipping Firm over North Korea Ties

The U.S. Treasury Department said on Thursday it was placing financial sanctions on two Chinese nationals and a Chinese shipping company over their ties to North Korea stemming from its nuclear program.   The department said in a statement it was sanctioning Wei Sun for links to the Foreign Trade Bank of the Democratic People's Republic of Korea, Hong Ri Li for his links to North Korean banking executive Song-hyok Ri, as well as the Dalian Global Unity Shipping Co Ltd of Dalian, China. (Reporting by Eric Walsh)

03 Feb 2017

US Navy Destroyer to Patrol off Yemen amid Iran Tensions

The United States has sent a Navy destroyer to patrol off the coast of Yemen to protect waterways from Houthi militia aligned with Iran, two U.S. officials told Reuters on Friday, amid heightened tension between Washington and Tehran. The USS Cole arrived in the vicinity of the Bab al-Mandab Strait off southwestern Yemen where it will carry out patrols, including escorting vessels, the officials said, speaking on condition of anonymity. In 2000, the USS Cole was attacked when al Qaeda bombers steered a boat full of explosives into the side of the American warship while it refueled in the Yemini port of Aden, killing 17 U.S. sailors and wounding about three dozen others. While U.S.

13 Jan 2017

Soo Lock Modernization Presents $1.7 Bln Benefit -Study

A new study commissioned by the U.S. Treasury Department lists modernization of the locks at Sault Ste. Marie, Mich., as one of the 40 American transportation and water “megaprojects” that could bring as much as $1.3 trillion in national economic benefits. The system resiliency that a second Poe-sized lock will provide has an estimated net economic benefit of as much as $1.7 billion, according to the study. The Soo Locks connect Lake Superior to the lower four Great Lakes and St. Lawrence Seaway. Lake Superior is home to five iron ore loading ports, as well as the largest coal and grain shipping ports. Without the locks at Sault Ste. Marie, those cargos could not reach steelmakers, utilities and overseas markets. As the study notes, more than 60 percent of the current U.S.

18 Jan 2016

Japan to Employ Sovereign Insurance for Iranian Imports

Japanese buyers of Iranian crude will have to keep using special sovereign shipping insurance to import oil for the foreseeable future, despite the lifting of sanctions against Tehran, industry and government sources said on Monday. Shippers face uncertainty over whether they can get coverage from U.S. insurers after sanctions were lifted and it means the Japanese government may have to get parliamentary approval to extend the scheme beyond March. Tokyo stepped in to help its oil importers after Western sanctions imposed over Tehran's disputed nuclear programme curbed the ability of private insurers to provide tanker cover. The U.S.

24 Jul 2015

Senat Shipping Disputes US Sanctions

Singapore-based Senat Shipping said on Friday it had done nothing illegal and that it was unreasonable to be put on a U.S. sanctions list for alleged connection with a blacklisted North Korean shipping company. The U.S. Department of Treasury on Thursday listed Senat, arguing it had supported Ocean Maritime Management Company (OMMC), which had arranged an illegal shipment of arms on the Chong Chon Gang ship that was seized in Panama in 2013. The sanctions will also target Senat's president, Leonard Lai, and a company vessel, the department said. "The US Treasury's move to put Senat and Leonard Lai on the OFAC (Office of Foreign Assets Control) list is a misguided measure purely based on Senat's historical dealings with OMM," said the company in a statement emailed to Reuters.

12 May 2015

Balearia Requests US-Cuba Ferry License

Photo courtesy of Balearia

Balearia has requested a license to operate between the U.S. and Cuba from the U.S. Treasury Department, after both countries' announcement of the reestablishment of diplomatic relations. The shipping company is awaiting an official response from the U.S. government, and the subsequent authorization from the Cuban government. The Spanish maritime transport company has operated in the Caribbean region since late 2011 under the brand Bahamas Express, connecting Fort Lauderdale (north of Miami) and Freeport (in Grand Bahama Island).

23 Feb 2015

Florida Companies Push for Ferry Service to Cuba

Catamaran builder Brian Hall is too young to remember when ferries plied the route between Florida and Cuba in the 1950s, but he has plans to be among the first to revive the once-popular route. Boosted by President Barack Obama's policy of seeking to normalize relations with the Communist-ruled island after decades of U.S. isolation, Hall hopes to offer a high-speed catamaran service between the Florida Keys and Havana, perhaps as soon as this year. "My partners and I are ready to start operating as soon as we get the go-ahead," said Hall, 49, president of CubaKat, an offshoot of Fort Lauderdale-based catamaran builder, KonaCat. He is not alone. At least half a dozen Florida companies are seriously considering ferry ventures, with plans to seek licenses from the U.S. Treasury Department.

16 Jan 2015

US Revises Cuba Sanctions Regulations

The U.S. Treasury Department, Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce Bureau of Industry and Security (BIS) has publish revised Cuba sanctions regulations opening trade with Cuba for the first time in decades. Those changes, issued January 16, 2015, are the first step in moving toward normal relations with Cuba. The revised regulations ease certain limitations on travel to Cuba and certain associated services (e.g., insurance services), broaden exports and imports, and make financial transactions related to authorized transactions easier. The biggest impacts appear to be in travel, telecommunications, financial services and exports to the Cuban private sector. A pre-release of the revised regulations from the U.S.

23 Sep 2014

Rosneft, ExxonMobil Continue Drilling for Now

Russia's Rosneft and U.S. ExxonMobil are continuing to drill in the Kara Sea and plan to stop work by Oct. 10, Russian Deputy Energy Minister Kirill Molodtsov said on Tuesday. "They are drilling and will be drilling until Oct. 10. They did have to stop on Sept. 26 but they extended," he told reporters on the Pacific island of Sakhalin where he was attending an energy conference. Exxon said on Friday that the U.S. Treasury Department had given it a short extension to wind down a rig at the well, beyond the 14 days outlined in the sanctions targeting Western cooperation in Russia's oil sector over Moscow's role in the Ukraine crisis.   Reporting by Denis Pinchuk

21 Sep 2014

Rosneft says Exxon Still Continues to Work With it in Arctic

Russia's biggest oil producer Rosneft said on Saturday that Exxon Mobil was still continuing exploration drilling at their joint project in the Arctic Kara Sea. "The work on the University well is continuing according to plan. We are satisfied with the decision of the U.S. regulator which gave the relevant permission to Exxon," Larisa Kalanda, a vice president of Rosneft, told reporters. Exxon said on Friday that the U.S. Treasury Department gave it a short extension to wind down a rig at the well, beyond the 14 days outlined in the sanctions targeting Western cooperation with Russia's oil sector in response to Moscow's role in the Ukraine crisis. (Reporting by Katya Golubkova; Writing by Maria Kiselyova; Editing by Toby Chopra)

19 Sep 2014

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic. U.S. sanctions on Russia over its aggression in the Ukraine seek to stop billions of dollars worth of cooperation between Western and Russian energy companies on oil drilling in Russia's Arctic, in Siberia and offshore. Reporting by Timothy Gardner

05 Mar 2014

US Lifts Iran Economic Sanctions against ASM

On February 7, 2014, the United States, acting through the U.S. State Department (the foreign ministry of the United States) terminated all economic sanctions imposed against Associated Shipbroking, Monaco (ASM), under the U.S. economic sanctions against Iran, after determining that ASM met and satisfied the criteria for the termination of sanctions under relevant U.S. economic sanctions laws. Specifically, the State Department determined that ASM was no longer engaged in sanctionable activities, and that it is not likely that ASM will engage in such activities in the future. The State Department, accordingly judged that the termination of sanctions against ASM was appropriate. The Eren Law Firm, Washington, DC, led by former U.S.

13 Jul 2012

U.S. Puts Clamps on Iranian Shipping Companies, Ships

The U.S. Treasury Department yesterday said the United States is imposing additional sanctions on Iran’s nuclear and ballistic missile proliferation networks, and is also taking additional steps to prevent the evasion of sanctions by publicly identifying a group of Iranian front companies and banks. “Iran today is under intense, multilateral sanctions pressure, and we will continue to ratchet up the pressure so long as Iran refuses to address the international community’s well-founded concerns about its nuclear program,” said Treasury Under Secretary for Terrorism and Financial Intelligence David S. Cohen. Continuing the effort to target Iran’s nuclear and missile proliferation activities, the U.S.

06 Feb 2012

Iran Sanction Proposal Targets Oil Companies, Tanker Fleet

A U.S. proposal to sanction Iran’s state-owned oil company and its main tanker fleet may ensnare any person or business in the world involved in purchasing or shipping Iranian oil, according to a report from Bloomberg. Pressure is mounting on Iran’s nuclear program, as the prospect of an attack from Israel grows beyond rhetoric. In turn, the pressure is rising to force Iran to back down. The Senate Banking Committee unanimously adopted a measure Feb. 2 to compel the administration to investigate links between Iran’s crude-oil supply chain and its powerful Islamic Revolutionary Guard Corps, an elite military unit that the U.S. has sanctioned for weapons proliferation, terrorism support and human-rights abuses. The move would essentially “black list” Iranian oil.

27 Jun 2011

Tidewater Inc. Not Implicated in Government Sanctions

Tidewater Inc. announced that it is not affiliated with Tidewater Middle East Co. (or any of its affiliates) of Iran, which were the target of new U.S. Government sanctions announced jointly by the U.S. Treasury Department and the U.S. Department of State. The Treasury Department, in announcing the new sanctions on June 23, noted in its press release “Fact Sheet” that “The entity being designated today, Tidewater Middle East Co., is separate and distinct from Tidewater Inc., an international shipping company headquartered in the United States and listed on the New York Stock Exchange as TDW.

07 May 2004

Terrorism Risk Insurance Program NPRM

The U.S. Treasury Department issued a notice of proposed rulemaking (NPRM) relating to litigation management regarding insured losses under the terrorism risk insurance program. The regulation, if adopted, would clarify that the exclusive remedy is through a federal cause of action and that state claims would be preempted. Civil actions would also be consolidated. Comments on the proposal should be submitted by July 6. 69 Fed. Reg. 25341 (HK Law).

27 Feb 2006

History of U.S. Review of Proposed DPW Acquisition

The U.S. Treasury Department outlinedthe history of the review of the proposed acquisition by Dubai Ports World (DPW) of various U.S. port facilities currently operated by P&O Ports. The review was performed by the Committee on Foreign Investment in the United States (CFIUS). On February 23, the Senate Committee on the Armed Services was briefed in open session on the proposed acquisition. Ranking Member Carl Levin (D-MI) released a copy of his opening remarks. Chairman John Warner (R-VA) released a statement at the conclusion of the briefing. Subsequently, the White House released a Fact Sheet regarding the proposed acquisition. Later…

23 Jan 2003

Cargo Losses Not Included inTerrorism Insurance

The U.S. Treasury Department issued a notice

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