On the heels of the Trump administration’s June strikes on key nuclear sites in Tehran, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced significant new sanctions on July 30, 2025,...more
On January 18, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the imposition of sanctions against a United Arab Emirates-based shipping company, Hennesea Holdings Limited (“Hennesea”)...more
On December 12, 2023, the Department of Justice (DOJ), Department of Commerce’s Bureau of Industry and Security (BIS), Department of Homeland Security’s Homeland Security Investigations (HSI), the Department of State’s...more
On October 12, 2023, OFAC released an Advisory for the Maritime Oil Industry and Related Sectors: Best Practices in Response to Recent Developments in the Maritime Oil Trade on behalf of the G7, European Union and Australia...more
Background -
The Ocean Shipping Reform Act (OSRA), which amends the Shipping Act, was signed into law by U.S. President Joseph Biden in 2022 to alleviate certain measures taken by shipping companies in the midst of supply...more
Reports of supply chain litigation from troubled retailer Bed Bath & Beyond (BBBY) before the Federal Maritime Commission (FMC) have hit the news, reflecting a trend of increasing supply chain litigation before the FMC since...more
Shipping companies should remain focused on sanctions compliance for 2023. The sanctions space has been bursting with activity as a result of the Russia-Ukraine war, which shows no signs of abating. Companies continue to seek...more
4/7/2023
/ Civil Monetary Penalty ,
Economic Sanctions ,
Enforcement Actions ,
Iran Sanctions ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Oversight ,
Russia ,
Sanction Violations ,
Shipping ,
Transportation Industry ,
U.S. Treasury
The respected London-based Clarksons predicts a $26 billion investment in new vessels to serve the offshore wind industry within the decade. Installation vessels and support vessels both will make up a large portion of...more
The much anticipated and debated EEXI (Energy Efficiency Existing Ship Index) and CII (Carbon Intensity Indicator) regulations have gone effective as of January 1, 2023. All ships of 5,000 gross tonnage and above will be...more
As noted in our prior alerts (concerning OFAC’s September 9, 2022 preliminary guidance and October 31, 2022 follow-on FAQ clarifying the applicability of the impending price cap policy) the U.S. Department of the Treasury’s...more