This week’s news was abuzz surrounding the two OFAC sanctioned VLCCs that recently arrived OPL Chattogram and are now stuck after undoubtedly risky transactions that have resulted in several failed onward resales,
This week’s news was abuzz surrounding the two OFAC sanctioned VLCCs that recently arrived OPL Chattogram and are now stuck after undoubtedly risky transactions that have resulted in several failed onward resales, reports cash buyer GMS.
Both vessels have yet to receive their respective No Objection Certificates (NOCs) to permit their entry into port limits for recycling. As the Artemis III and Itagua remain stranded, as the Bangladesh Ship Breakers and Recyclers Association (BSBRA) as well as local L/C transacting banks are reportedly unwilling to negotiate on tonnage that is in blatant violation of U.S. / international laws.
India is similarly taking a restricted approach on such vessels despite a few previous deals having reportedly slipped through the cracks on the back of alternate / non-USD payment arrangements, says GMS.
These could likely also come under the microscope even more given that the U.S. State Department has reportedly sanctioned several entities involved in these sales, including even the Oil Minister of Iran.
Several OFAC listed / sanctioned / dark fleet vessels are still making the rounds to / from cash buyers who seem unabashedly willing to skirt international regulations for the sake of a quick buck, says GMS, but they
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