In the Headlines
October 30, 2019

Sanctioned Cosco Subsidiaries Back Off Troublesome Tankers

TradeWinds

Two China Cosco Shipping subsidiaries sanctioned by the U.S. for their alleged transport of Iranian oil have backed away from problematic ships. Cosco shippping Tanker (Dalian) Seaman & Ship Management are no longer listed as the management of three ships after being blacklisted by the U.S.

"I could well imagine that Cosco Shipping Tanker (Dalian) Seaman & Ship Management is trying to divest itself of managing those vessels so they can get off the list," said International Trade attorney Jonathan Epstein.

It remains unclear how, if or when the ships oil tanker operations allegedly transported oil from Iran. "Both this round of sanctions and others necessitate more due diligence on the part of charterers - and that appears to be the expectations of the U.S. government as well," Mr. Epstein added. "Charterers should be checking out who the ship manager is. They should be doing their due diligence on the commercial manager, as well."  

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