Bimco: Enforcement of sanctions stricter

Bigger demands than before are being made of the shipping companies when trade sanctions, such as the current one involving Iran, come into effect. The enforcement of sanctions has become stricter than in the past, says front office director Nicholas Mahony of Bimco.

Photo: Hasan Sarbakhshian (AP)

The current trade sanctions against Iranian crude oil and the ban against insuring ships, not just from the EU but internationally, sailing with Iranian crude oil, requires a lot of work from the shipping companies. Both when sorting out the exact rules of the sanctions, and in making sure that their partners - as well as themselves - are complying with the rules of the sanctions. Front office director of Bimco, Nicholas Mahony, estimates that the sanctions have not necessarily become stricter these past years, but that there is an increased focus on spotting those who fail to comply.

“There is an increased focus on the sanctions today, which is putting pressure on the shipping companies. It has been made politically evident that players can be made to comply with the sanctions, which makes the sanctions serve their purpose. Before, sanctions could be active for decades without anyone bothering to find out how to comply with them. Now the controlling of the enforcement of sanctions has been increased, and we believe it will become even more controlled in the future,” says Nicholas Mahony.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Daewoo Shipbuilding makes deal with conglomerate on conditional sale

Shipbuilding group DSME has signed a memorandum of understanding with conglomerate Hanwha Group about a sale of Korea Development Bank’s 50-percent equity position, according to a news agency. The state-owned bank has previously stated that the yard ought to be sold quickly. Updated.

Latest news

See all jobs