Category: Tankers

The United States has announced a sweeping new package of sanctions targeting Iran’s clandestine oil trade, intensifying efforts to disrupt a multibillion-dollar network that allegedly supports the Islamic Revolutionary Guard Corps–Qods Force (IRGC-QF).

In its latest action, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) designated dozens of individuals, companies, and vessels involved in schemes to blend, disguise, and illicitly transport Iranian oil across global markets, in direct violation of international sanctions.

At the core of this operation is Salim Ahmed Said, a dual Iraqi-British national, accused of orchestrating a complex web of front companies that have relabelled Iranian crude as Iraqi oil since 2020. Said’s network reportedly used falsified documents, corrupt officials, and UAE-based firms such as VS Tankers (formerly AISSOT) to funnel oil into the international market under false pretenses.

One vessel flagged by OFAC, the Marshall Islands-registered Dijilah, owned and operated by VS Tankers, allegedly conducted multiple ship-to-ship transfers with the previously sanctioned Casanova in the Persian Gulf earlier this year.

The U.S. also sanctioned the VS Oil Terminal in Khor al-Zubayr, Iraq, identified as a key facility used for blending Iranian and Iraqi oil and repatriating hard currency back into Iran. Other blacklisted entities linked to Said include VS Petroleum, Rhine Shipping, Robinbest, and The Willett Hotel.

In a broader crackdown on Iran’s global “ghost fleet”, OFAC also designated several deceptively operated vessels—including the Cameroon-flagged Vizuri, the Comoros-flagged Fotis LPG carrier, and the Panama-flagged Themis and Bianca Joysel—used in coordinated ship-to-ship transfers aimed at supplying Asian markets with sanctioned Iranian crude.

Singapore-based Trans Arctic Global Marine Services was also sanctioned for arranging piloting services through the Strait of Malacca, a critical chokepoint through which tens of millions of barrels of Iranian oil have reportedly passed.

OFAC further tied the Al-Qatirji Company, long sanctioned for links to Syria’s Assad regime, to multiple vessels including the Elizabet, Atila, and Gas Maryam. These ships allegedly engaged in identity fraud, flag-hopping, and false documentation to mask Iranian oil as Malaysian or other origins. Shipping firms White Sands Shipmanagement, Grat Shipping, and Dima Shipping & Trading, based in Seychelles and Liberia, were also included in today’s sanctions.

“As President Trump has made clear, Iran’s behaviour has left it decimated,” said Treasury Secretary Scott Bessent. “While it has had every opportunity to choose peace, its leaders have chosen extremism. Treasury will continue to target Tehran’s revenue sources and intensify economic pressure to disrupt the regime’s access to the financial resources that fuel its destabilising activities.”

This marks the eighth round of oil trade-related sanctions since President Trump reactivated his “maximum pressure” campaign under National Security Presidential Memorandum 2.

The global shipping sector is facing renewed instability as U.S. President Donald Trump delays the rollout of new tariffs, originally slated for July 9, pushing implementation to August 1. The extension is intended to allow more time for trade negotiations, the White House said, with only the UK and Vietnam having resolved outstanding issues with the administration so far.

Major economies including the European Union and India remain in talks, leaving importers uncertain about how future duties—potentially as high as 70%—might impact their operations. The tariff plan excludes China, Mexico, and Canada, whose trade relationships are governed under separate frameworks.

Importers are reacting with caution, adjusting supply chain strategies to hedge against sudden cost increases. Tactics include rerouting Chinese exports via Southeast Asia—though the U.S. has responded by imposing a 40% levy on goods transshipped through Vietnam to deter circumvention. Another growing trend is the use of bonded warehouses in the U.S., allowing businesses to delay duty payments until products are sold.

The tariff uncertainty is causing volatility in freight rates and route preferences. According to Braemar, for the first time in 2025, it’s now more expensive to ship a 40-foot container from Asia to North Europe than to the U.S. West Coast. Spot rates on Asia–U.S. routes have fallen for the third consecutive week, while Asia–Europe rates are rising due to tighter vessel supply and successful general rate increases.

Rates on the China–U.S. West Coast route have plunged to $2,089 per FEU, down sharply from $5,606 just a month ago.

“In a market where supply chains stretch over months, regulatory unpredictability makes long-term planning nearly impossible,”
noted Sea-Intelligence in its latest report.

In response to softening demand, Mediterranean Shipping Company (MSC) has become the first major carrier to pull capacity from the transpacific trade. Linerlytica reports MSC has suspended its Pearl service, which connected Cai Mep, Haiphong, Nansha, Hong Kong, Yantian, Xiamen, and Long Beach.

As the August 1 deadline approaches, industry stakeholders are bracing for further disruption amid a fragile global trade environment.

Tanjung Offshore, a subsidiary of T7 Global, has secured a contract extension from Hibiscus Oil & Gas to continue providing maintenance, construction, and modification (MCM) services for the PM3 Commercial Arrangement Area (PM3-CAA) oilfield.

The extension will see Tanjung Offshore maintain its role on the project until mid-December 2025, following the initial contract award in December 2024.

While the financial details of the deal remain undisclosed, T7 Global noted in a filing with Bursa Malaysia that the extension is expected to contribute positively to the company’s earnings and net assets for the financial year ending December 31, 2025.

The PM3-CAA oilfield is a transboundary project comprising three Malaysian and one Vietnamese production sharing contracts (PSCs). It includes a cluster of producing fields such as Bunga Orkid, Bunga Pakma, Bunga Raya, Bunga Seroja, Bunga Kekwa, Bunga Tulip, Bunga Lavatera, and Bunga Aster.

These fields are developed using fixed platforms, with gas pipelines connecting to both Peninsular Malaysia and Vietnam, while crude oil is exported via FSO Orkid and FSO PM3 CAA.

This latest contract strengthens Tanjung Offshore’s position as a key service provider in the Southeast Asian offshore energy market and underscores its ongoing partnership with Hibiscus Oil & Gas.

Dubai-based logistics giant DP World has inked a 30-year concession with Syria’s General Authority for Land and Sea Ports to redevelop the Port of Tartus—the country’s second-largest Mediterranean gateway—with an $800 million investment Reddit.

🔹 Deal Highlights

• Build‑Operate‑Transfer (BOT) structure sees DP World fully funding and managing port reconstruction and operations Reuters+15Portnews+15Economy Middle East+15.
• Upgrades will include container & general‑cargo terminals, advanced handling equipment, and integrated digital systems to modernize operations Reuters+8Portnews+8China Daily Global+8.
• The agreement also paves the way for free trade zones, dry ports, and inland logistics hubs via partnerships with local stakeholders China Daily Global+9AGBI+9Economy Middle East+9.
• Signed in the presence of President Ahmed al‑Sharaa and DP World CEO Sultan Ahmed bin Sulayem Reuters+15Reuters+15Khaleej Times+15.
• Timing follows the U.S. lifting of Syria sanctions in June 2025, enabling renewed foreign investment The National+2Reuters+2Reuters+2.

🌍 Strategic & Economic Impact

• Regional Commerce Revival: Tartus is set to become a renewed trade hub connecting Southern Europe, the MENA region, and Syria’s legacy markets Economy Middle East+15Economy Middle East+15Khaleej Times+15.
• Post-War Rebuilding: This marks one of Syria’s most significant infrastructural steps since the civil war, aligning with a broader economic normalization Economy Middle East.
• Investor Confidence & Geopolitics: This large-scale investment highlights renewed global investor interest—though concerns remain over equitable resource allocation and socio-political dynamics .

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