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Regulatory onslaught on the horizon for the maritime industry
30 April 2020Guy Sear
In a recent article produced by Global Trade Review author
Eleanor Wragg reports "In recent months, the shipping industry has
been thrown into chaos by an unprecedented escalation of sanctions
activity. Since July 2018, the US, through its Office of Foreign
Assets Control (OFAC), has brought close to 800 actions against
maritime vessels - the bulk of these in the last year alone. The
impacts have been far-reaching: late last year, freight rates
soared on the blacklisting of Chinese shipper Cosco for allegedly
shipping Iranian crude and gas."
The article dated 28th April, covers the key areas of regulatory
focus within the maritime industry:
Going dark
Ship-to-ship transfers
Flag registry information sharing
Guy Sear Executive Director, Maritime & Trade at IHS Markit
shares his thoughts on 'Going dark', "This assumption by regulators
that AIS is a be all and end all certainly isn't the answer to the
problem. We would recommend doing more of a typology review of the
vessel: What is the behaviour of the vessel? Has it changed names
or flags a lot? Has it swapped between operators? Has it had
periods of time where people can't explicitly see where it has been
owned and operated? Those for us are bigger red flags than whether
the AIS has stopped working or been switched off."
The Office of Foreign Assets Control (OFAC) has enforced a fine of approximately $860,000 to First Bank SA, of Roma… https://t.co/toYa7bwXYP
Sep 21
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