The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Monday (24 August) sanctioned five bunker companies, alleging they supplied marine fuel to vessels carrying Iranian crude oil and to ships linked to the Islamic Republic of Iran Shipping Lines (IRISL).

US reportedly imposed sanctions on IRISL in late 2019, describing it as “the preferred shipping line for Iranian proliferators and procurement agents”, which included transporting items intended for Iran’s ballistic missile programme.

“Sanctioned Iranian actors, to include those associated with its armed forces, rely on a vast network of shipping facilitators in multiple jurisdictions to enable the transportation and delivery of Iranian crude oil to markets in East Asia, to include vessel brokers, bunkering service providers, and financial intermediaries,” US OFAC said in a statement.

Since at least 2023, US OFAC said Hong Kong-based Shipoil Limited and its sister companies, Dubai-based Shipoil FZCO and Ship Fuels and Trade DMCC—operated by Greek nationals Almpertos “Alberto” Tsoris and Georgios “George” Tsoris—coordinated with “sanctioned Iranian actors” including the National Iranian Tanker Company (NITC), to provide bunkering services to vessels carrying Iranian crude oil and other petroleum products.  

In 2026, Alberto Tsoris allegedly coordinated with NITC and the Shamkhani network via Shipoil FZCO and Ship Fuels and Trade DMCC to provide bunkering to the sanctioned oil tanker MEDNA (IMO: 9281683), formerly known as the ANTHEA and SIRI, a vessel which has carried crude oil for Iran’s Armed Forces General Staff. 

Similarly, George Tsoris used Shipoil FZCO and Ship Fuels and Trade DMCC to provide vessel bunkering services to a mix of subsidiaries and front companies for IRISL. In 2026, UAE-based Unique Oasis Shipping Services LLC and Target Horizon Shipping LLC collaborated with Shipoil Limited and Ship Fuels and Trade DMCC to provide “hundreds of thousands of dollars’ worth of bunkering services to an IRISL-linked vessel”.  

In mid-2026, George Tsoris provided bunkering services to the sanctioned IRISL vessel BEHTA in coordination with IRISL subsidiary, UAE-based Good Luck Shipping LLC, and Unique Oasis Shipping Services LLC.

According to US OFAC, Shipoil Limited, Shipoil FZCO, and Ship Fuels and Trade DMCC operate within the same corporate network, share company leadership, and transfer funds between themselves. 

“Shipoil Limited has transferred millions of dollars to Shipoil FZCO,” it said.

Almpertos Tsoris, Shipoil FZCO, and Ship Fuels and Trade DMCC were designated pursuant to Executive Order 13902 for operating in the petroleum sector of the Iranian economy.  Shipoil Limited is being designated pursuant to Executive Order for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Shipoil FZCO.

Georgios Tsoris, Good Luck Shipping LLC, Unique Oasis Shipping Services LLC, and Target Horizon Shipping LLC are being designated pursuant to Executive Order 13382 for having provided, or attempted to provide, financial, material, technological, or other support for, or goods or services in support of, IRISL.

Photo credit: tommao wang on Unsplash
Published: 26 August, 2026

Global law firm Reed Smith on Tuesday (11 August) announced the relocation of global shipping and sanctions partner Alex Brandt from London to Singapore.

Brandt advises insurers, owners, charterers, brokers, and traders on all aspects of sanctions-related challenges, providing analysis of applicable legislation, assistance with due diligence work, and training.

He has extensive experience of U.S. and UK government investigations, disclosures, and enforcement actions and has been centrally involved in many of the most high-profile designations, seizures, and enforcement actions brought against members of the international shipping community.

Brandt also has wide-ranging experience drafting protective language for transportation, trade and financing contracts, and has worked with major lenders and other organisations to develop best-in-class compliance programmes. He also has sat on a number of BIMCO and other organisations’ drafting committees, assisting in the development of industry standard clauses.

In addition to his role in the global sanctions practice, Brandt routinely advises on contractual and tortious rights and obligations pertaining to a wide range of dry shipping matters, including charterparties, P&I club rules, bills of lading, ship sales and purchases, and shipbuilding.

Brandt has previously spent four years in Reed Smith’s Hong Kong office, where in addition to his dry shipping work, he assisted in a number of casualty investigations and criminal prosecutions arising from major casualties.

Praj Samant, Reed Smith’s Asia-Pacific managing partner, said: “We are very pleased to welcome Alex to the Singapore office, and back to Asia. He is a tremendous talent with a global perspective and commercial outlook, which is an invaluable asset to clients both in the region and beyond.”

Richard Hakes, global chair of Reed Smith’s Transportation Industry Group, said: “Our transportation practice’s commitment to Asia and to our clients based in the region is longstanding and Alex’s relocation is a direct response to the needs of our clients. We have a leading and growing shipping practice across Hong Kong, Shanghai and Singapore – with a number of new arrivals in the last year. Alex will be joining that team at an exciting time for us, and at a time where there is high regional demand for his complex sanctions advice.”

Brandt added: “I am delighted to be making the move to a region I am very familiar with already. It is clear that our global clients require increased support in the region, and I look forward to working with the regional team here, as well as continuing to collaborate with our market-leading sanctions team globally.”

Photo credit: Reed Smith
Published: 12 August, 2026

The Singapore Police Force (SPF) on Thursday (30 July) said a company and its 49-year-old male director will be charged in court on 31 July for their alleged involvement in providing flag registration services to a vessel that contravened United Nationals regulations. 

Investigations by the Commercial Affairs Department revealed that on 18 May 2022, the company provided flag registration services in respect of bulk carrier PETREL 8. 

The vessel had been designated by the United Nations Security Council (UNSC) on 3 October 2017, pursuant to Resolutions UN S/RES/2317 (2017) and UN S/RES/2375 (2017), for transporting prohibited items from the Democratic People’s Republic of Korea (DPRK). 

“At the material time, it is alleged that the company director had reasonable grounds to believe that PETREL 8 was a UNSC-designated vessel involved in transporting prohibited items from the DPRK when the flag registration services were provided,” SPF said in a statement. 

The company will be charged with one count under Regulation 8D(d)(ii) of the United Nations (Sanctions – DPRK) Regulations 2010. The company director will be charged with one count under Regulation 8D(d)(ii) read with Regulation 13(a) of the same Regulations, for abetting the company to commit the offence.

The offence under the United Nations Act 2001 for contravening these Regulations carries an imprisonment term of up to 10 years and/or a fine of up to SGD 500,000 (USD 389,414) for an individual. In the case for a company, the offence carries a fine of up to SGD 1 million. 

The United Nations (Sanctions – DPRK) Regulations 2010 under the United Nations Act 2001 gives effect to sanctions imposed by the UNSC on the DPRK to curb the proliferation of weapons of mass destruction. 

This includes prohibitions against the provision of services for vessels where there are reasonable grounds to believe the vessels are or were involved in activities that support the proliferation of weapons of mass destruction by the DPRK. Singapore takes its international obligations under UNSC Resolutions seriously and is committed to implementing them fully. The Police will not hesitate to take action against any individual or entity that breaches Singapore’s laws and regulations. 

Photo credit: Manifold Times
Published: 31 July, 2026