Iran’s flag-shopping fleet drags registries into sanctions net.

Catogory : Market Report

Registries and flag administrations can expect the US authorities to pay close attention to anything that gives off the impression of circumventing the Trump administration’s attempt to strangle Iran’s trading power.

REGISTRIES of Panama, Gabon, Honduras and Belize have re-flagged vessels that have either been sanctioned by the US for shipping Iranian energy commodities or engaged in deceptive shipping practices that suggest they are exporting cargoes from the Islamic republic.

The flag-switching practices of a subterfuge fleet of some 40 tankers and gas carrier’s places registries and flag administrations at the center of a second wave of Iranian sanctions enforcement by US authorities. Marine insurers, flag states and other service providers are now being targeted and expected to police blacklisted Iranian shipping and oil exports.

The Panama flag registry has flagged 18 tankers or liquefied petroleum carriers over the past 12 months that were removed from their prior registry for suspected involvement in Iranian crude and gas exports.

There is no suggestion that the registry has engaged in any illegal activity. Of the 18 ships, at least 10 were de-flagged from the Liberian flag registry during 2019.