EU Council Press Release: 11808/12 - EU sanctions against Iran: exemptions to end on 1 July
27/06/2012
The latest package of EU sanctions against Iran will apply as earlier decided. Following a review of the measures, the Council confirmed that they would remain as approved in January. This means that two exemptions will end, as scheduled, on 1 July: Contracts for importing Iranian oil that were concluded before 23 January will have to be terminated by 1 July. From the same date, EU insurers may no more provide third-party liability and environmental liability insurance for the transport of Iranian oil.
Sanctions impact Members' cover
21/06/2012
Recent news reports of a ship entered with an International Group club having its cover withdrawn for allegedly carrying armaments to Syria are a reminder to operators that sanctions regimes can impact on their business. Restrictions on financial transactions, on dealings with designated parties, and on provision of insurance, may potentially restrict the ability of the Club to help and protect Members in the event of an incident. Such sanctions can affect Members who can trade lawfully to states targeted by sanctions even where those regimes are not applicable to them or they permit the trade in question.
This Circular amends Circular ref. 1/12 regarding application of 50 per cent rebate of the US tanker voyage additional premium. The 50 per cent reduction on premium rates for voyages involving loading or lightering of persistent oil cargo in the US will not be restricted to LOOP and the four designated areas described in Circular ref 1/12. The reduction will continue to be applied to other lightering areas approved by the US Coast Guard on the same basis as prior to Circular 1/12
Members must notify the Club at the earliest opportunity if they intend to load nickel ore from Indonesian or Philippine ports, and may prejudice cover if they fail to do so; This circular details the information that needs to be advised to the Club; This information is being compiled to identify those areas, ports & shippers that present particular difficulties, e.g. inaccurate cargo declarations; It remains the Members responsibility to ensure full compliance with the IMSBC Code; Mandatory notification applies only to cargoes of Nickel Ore to be loaded in Indonesia and the Philippines, and not to any other bulk cargoes
The resolution of fuel quantity and quality disputes will rely on evidence provided
The Managers have been made aware that legislation has been passed in Indonesia which purports to place a ban on the expert of minerals from Indonesian ports, unless the shipper has been granted a specific export permit. The cargoes which may be affected include nickel ore, bauxite and iron ore. Reports suggest that ships which are scheduled to load or are in the process of loading ore cargoes may be subject to delays where the exporters of the cargo do not possess the relevant permit.
Circular 6/12: Review of Open Policy Years
10/05/2012
2009 policy year closed; Open years developing favourably; Free reserves and Hybrid Capital increased to US$486 million; Combined ratio of 97 per cent
Iran Sanctions: US sanctions on Iran & Syria - US Executive Order of 1 May 2012- Update 25 May 2012
03/05/2012
An executive order by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria
An executive order "Prohibiting Certain Transactions with and Suspending Entry into the United States of Foreign Sanctions Evaders with Respect to Iran and Syria" ("FSE E.O.") by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria. This order strengthens the US Treasury's ability to tackle foreign individuals and entities determined to have violated US sanctions on Syria or Iran.
Antigua - MLC 2006 compliance resources
29/04/2012
Regulations and advisories in relation to Antigua's ratification of MLC 2006 and implementation through its national maritime legislation.