The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday (13 May) sanctioned nearly two dozen firms operating in multiple jurisdictions, including marine fuel testing and surveying firm CCIC Singapore Pte Ltd (CCIC Singapore).

OFAC said the Iranian government allocates billions of dollars’ worth of oil annually to its armed forces to supplement their budget allocations, underwriting the development of ballistic missiles and unmanned aerial vehicles, as well as financing regional terrorist groups.  

“Iran’s Armed Forces General Staff (AFGS) and its main commercial affiliate, Sepehr Energy Jahan Nama Pars Company (Sepehr Energy), continue to establish front companies and rely on buyers and facilitators to enable their sanctioned oil trade,” it said on its website. 

OFAC alleged that Sepehr Energy has “consistently relied” on CCIC Singapore to accomplish not only the necessary pre-delivery cargo inspections required before oil is transferred to China, but also to conceal the oil’s Iranian origins.

In late 2024, CCIC Singapore provided inspection services during a ship-to-ship transfer of approximately two million barrels of Iranian oil from the sanctioned vessel and Sepehr Energy-affiliated SIRI (IMO 9281683), formerly known as the ANTHEA. 

In mid-2024, CCIC Singapore also allegedly provided inspection services for the sanctioned vessel HECATE (IMO 9233753) and likely provided falsified documents concealing the vessel’s identity and certifying its Iranian oil cargo as Malaysian heavy crude oil. From late-2023 until at least late-2024, China-based CCIC sister company Huangdao Inspection and Certification Co., Ltd similarly provided oil cargo inspection services to numerous vessels already sanctioned for transporting Iranian oil.

“CCIC Singapore PTE. Ltd. and Huangdao Inspection and Certification Co., Ltd are being designated pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Sepehr Energy,” OFAC said. 

Once the oil reaches ports in China, Sepehr Energy and its fronts are reliant on complicit local agencies to handle vessel berthing and discharge operations, as well as transportation and storage services for the vessels’ oil cargoes. 

Entities in Shandong province, which is home to many of China’s small, independent teapot refineries—the primary purchasers of Iranian crude oil—have been especially willing to aid sanctioned Iranian vessels and oil cargoes.

OFAC added other companies—typically small agencies with generic or non-descript stated business purposes—have served as the middlemen between Sepehr Energy and Shandong’s teapot refineries by acting as the purchasers of the oil. 

In early 2024, Hong Kong-based companies Metaone Trading Limited, South Sea Energy Limited, Continental Sinoil Group Limited, Winso Trading Limited, and Singapore-based Oriental Apple Company Pte Ltd collectively took delivery of millions of barrels of Iranian oil from Sepehr Energy front Xin Rui Ji, likely as representatives of the small, independent teapot refineries based near Qingdao Port area in Shandong province.

Note: The full list of sanctioned companies can be found here.

Related: Shell MGO bunker heist: Ex-CCIC Singapore surveyor pleads guilty to misconduct, receiving USD 12k in bribes

Photo credit: Manifold Times
Published: 14 May, 2025

Vitol and Grindrod, joint shareholders of bunkering firm Cockett, on Tuesday (13 May) made the strategic decision to conduct an orderly wind-down of Cockett.

“This difficult decision was reached after long consideration and in light of the non-core nature of Cockett’s business to both shareholders,” said a joint statement.

“Cockett is in a sound financial position. It will continue to perform all of its existing contractual obligations, in a timely manner, to both suppliers and customers. As of today however, it will not enter into any new business.

“The shareholders are keen to ensure that the wind-down proceeds on a solvent basis. Cockett anticipates that all relevant suppliers will be paid in full within the next 60 days, in each case in accordance with the terms of their supply contracts. It also anticipates payment of relevant receivables due from customers within a similar timeframe.”

According to the statement, the wind-down process will be led by Cockett’s current management team, Cem Saral and Arnaud Payot, Cockett’s long standing CEO and CFO. They will be supported by Vitol on behalf of the shareholders who, as a leading global energy supplier, holds existing relationships with many of Cockett’s suppliers and customers.  A core team will remain in place to ensure the orderly settlement of payables and receivables.

“The shareholders would like to thank the Cockett employees for their professionalism, hard work and dedication to the company over many years. All employees will receive considered and responsible compensation,” it noted.

“The shareholders would also like to thank all of Cockett’s suppliers and customers for their support over the last 45 years of trading.”

Photo credit: Cockett
Published: 13 May 2025

The final meeting of members for President Marine Pte Ltd, has been scheduled to take place on 9 June, according to the company’s liquidator on a notice posted on Friday (9 May) on the Government Gazette.

The meeting will be held at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778 at 9am. 

The meeting is being held for the purpose of having an account laid before the members showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanation that may be given by the liquidators

The details of the liquidator are as follows:

Victor Goh
Khor Boon Hong
Marie Lee
Joint Liquidators
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778

According to Singapore-based The Grid, a B2B Sales Intelligence platform, the company’s business was in building and repairing tankers and other ocean-going vessels. 

Related: Singapore: President Marine Pte Ltd to be wound up voluntarily

Photo credit: Jo_Johnston from Pixabay
Published: 13 May, 2025