The US has imposed sanctions on several companies belonging to the container shipping line Sealead Shipping, as well as on three container ships operated by the company.
According to the US Treasury Department, the companies are part of an international shipping network centred on the Iranian businessman Mohammad Hossein Shamkhani. The companies affected are ‘Sealead Shipping Pte. Ltd.’, based in Singapore, and its subsidiaries in Dubai, the Marshall Islands and India. The Office of Foreign Assets Control (OFAC) has placed the four companies on the US sanctions list.
According to the US authority, the Sealead companies are among the key container transport firms within the Shamkhani network. They are said to manage and operate an internationally deployed fleet. The network apparently uses these structures to transport both legal and sanctioned goods to and from Iran. According to the US Treasury Department, this is said to include shipments to the Iran-backed Houthis in Yemen.
Three container ships affected
In addition to the companies, three container ships managed and operated by Sealead have been designated as blocked assets. These are the ‘Shenton Way’ and ‘Tanjong Pagar 1’, both flying the Panamanian flag, and the ‘Paya Lebar’, flying the flag of Antigua and Barbuda.
According to OFAC, Sealead Shipping Pte. Ltd. was sanctioned because it is owned or controlled by Shamkhani or has acted directly or indirectly on his behalf. The other SeaLead companies, in turn, are said to be attributable to the Singapore-based company.
The sanctions form part of a wider package of measures targeting more than 50 individuals, companies and vessels that the US Treasury Department associates with the Shamkhani network. The US accuses the network of being involved, amongst other things, in Iranian oil exports, global container shipping and commodity trading.
Inclusion on the sanctions list results in the freezing of assets belonging to the affected companies and vessels in the US or under the control of US persons. Transactions involving the sanctioned parties are generally prohibited for US persons, unless an exemption or authorisation has been granted by OFAC.
Foreign companies and financial institutions may also be exposed to sanctions risks when engaging in certain transactions with the listed parties.
