Singapore-based shipping firm Mercantile & Maritime on Tuesday (18 February) said it would cease business operations that are not compliant with US’ Treasury’s Office of Foreign Assets Controls sanctions.
On the same date, the US Treasury’s Office of Foreign Assets Controls announced further sanctions in relation to oil sales from Venezuela, specifically on Russian oil major Rosneft’s Swiss trading arm.
“Following these sanctions, we have reviewed our live arrangements and will implement any necessary measures required to ensure we comply with international requirements in line with the wind-down timeline set by the OFAC general license,” said Mercantile in an official statement.
“As a global business operating across the oil and gas value chain, the Mercantile & Maritime Group operates in full compliance with all international trade laws and maritime regulations.
“We will continue to monitor developments to ensure we remain compliant going forward,” it concludes.
Photo credit: Aymanejed
Published: 3 March, 2020
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
Poll shows market participants think Singapore’s future as a bunkering hub in the near term will be impacted most by growth in alternative bunker fuels and intensifying competition from other ports in Asia.
‘We will now take the necessary time to consider and evaluate the verdict and the premises of the verdict thoroughly before making any decision of whether to appeal to a higher court,’ informs company.