Monthly Web News: September 2019
In September 2019, we reported the following;
Guidance on the United States Sanctions Compliance Programmes published by the Office of Foreign Assets Control
3 September - On 3 May, 2019, the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”) published a "Framework for OFAC Compliance Commitments” (the “Compliance Framework”), which sets out OFAC’s views of the essential elements of an effective economic sanctions compliance program.
United States Sanctions on the Government of Venezuela and Petroleos de Venezuela
11 September - On 5th August 2019, the United States (US) administration increased its sanctions programme against the Government of Venezuela, when President Trump issued Executive Order 13884. This Executive Order essentially blocks all property in the US of the Government of Venezuela, and prohibits US persons from engaging in any transaction with the Government of Venezuela.
Check your contractual counterparty free of charge
19 September - The Club subscribe to a Block Membership Agreement with the International Maritime Bureau (the “IMB”) in London which grants FD&D Members direct access to the IMB Chartering Experience Programme. Further information may be found at ICC Chartering Experience Programme.
Note on terror alert at Mundra and Kandla ports, India
2 September - The port authorities, upon specific intel inputs by the security services, have cautioned all Merchant Shipping operating in and around the Gulf of Kutch and in particular Kandla and Mundra ports on the possibility of underwater attacks by potential terror organisations.
U.S. targets Iranian petroleum shipping network
5 September - On Wednesday 4 September 2019, the U.S. Treasury Department issued a press release about an illicit network created to ship Iranian petroleum products said to be used to finance terrorism and other illicit activities.
Case study: Workplace accident in cargo hold
6 September - Quite small efforts could have prevented this accident where a stevedore died of the injuries from falling down a ladder in the cargo hold. This case shows the importance of risk assessment being done and monitored.
U.S. clarify Iran sanctions regarding bunkering operations
6 September - The U.S. department of the Treasury’s Office of Foreign Asset Control (OFAC) has clarified the FAQs regarding Iran sanctions for bunkering operations.
Notification requirements when carrying nickel ore from Indonesia and the Philippines
9 September - Members must contact the Club with mandatory information when involved in shipping nickel ore cargo in Indonesia and the Philippines. Nickel ore is a cargo which may liquefy if the moisture content of the material exceeds its Transportable Moisture Limit (TML).
Routine job caused grounding
19 September - What started off as a routine job with clearing the lower starboard sea-chest from ice ended with grounding. This case illustrates how bad weather conditions and a lack of clear procedures made this journey end with evacuation and towing.
U.S. Treasury further targets entities and vessels moving Venezuelan oil to Cuba
25 September - On 25 September 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four entities that operate in the oil sector of the Venezuelan economy pursuant to Executive Order (E.O.) 13850.
English Court confirms certain sanctions clauses can manage U.S. secondary sanctions risk
25 September - A recent decision by an English court confirms the position in English law that parties are able to manage sanctions risk contractually, including risks arising from U.S. secondary sanctions.
27 September - S&P affirms The Swedish Club ratings at 'A-'; Outlook Stable
The Swedish Club is delighted to report that S&P Global Ratings has affirmed its 'A-' long-term insurer financial strength and issuer credit ratings on The Swedish Club. S&P has also confirmed a stable outlook for the Club, reflecting its view that the Club will continue to deliver robust underwriting performance and preserve its excellent capital adequacy over the next two years.
The Shipping Podcast: Birgitte Ringstad Vartdal, CEO Golden Ocean Management AS
16 September - Hear Birgitte Ringstad Vartdal about being a role model for women in shipping. This is something that comes with being a CEO of listed Golden Ocean Management AS, leading international dry bulk shipping company.
New Loss Prevention brochure available - Advice to Masters
30 September - In any casualty, as the Master, you play a crucial role. You are on the scene, with the ability to minimise the consequences of the casualty, and to facilitiate the handling of matters between the owners and The Swedish Club.
Out and About
Donsö Shipping Meet is growing
9 September - The marine meeting on the island of Donsö, held every second year, is getting more and more popular. As a gold sponsor of the Donsö Shipping Meet 2019, The Swedish Club contributed to an event that gathered more than 2000 visitors.
London International Shipping Week gets off to a great start with a Club Reception
17 September - As a key supporter of the London International Shipping Week (LISW), The Swedish Club continued a tradition with its second LISW cocktail reception held again at the prestigious Fishmongers' Hall on 9 September, the first day of the event.
Member Alert is published by The Swedish Club as a service to members. While the information is believed correct, the Club cannot assume responsibility for completeness or accuracy.