TMS Tanker Conference 2020Cleveland Cascades LtdSailors SocietyBühler GmbHViganTBA Group
  • TBA Group
  • Bühler GmbH
  • Vigan
  • TMS Ship Finance & Trade Conference 2020
  • The Wolfson Centre for Bulk Solids Handling Technology
  • TMS Awards 2020

UK P&I Club: US withdraw from the JCPOA Agreement with Iran

(Posted on 14/05/18)

Nigel Carden, Deputy Chairman for the UK Club Managers Thomas Miller P&I, highlights issues regarding the decision by President Trump announced on May 8 to withdraw the USA from participation in the JCPOA (Joint Comprehensive Plan of Action) agreed between Iran, the EU, and the P5+1 (the five permanent members of the United Nations Security Council - China, France, Russia, United Kingdom, United States - plus Germany), and to re-impose US nuclear-related sanctions.

“The decision is expected to have significant implications for maritime trade with Iran and the insurance of such trade. However, a full assessment of the likely impact of the decision will only be possible following receipt of clarification of the position of the remaining JCPOA partners, who have recently reaffirmed their support for the JCPOA, together with further clarification from the US Treasury’s Office of Foreign Assets Control (OFAC) in relation to the management of the "wind-down" periods envisaged under the decision.

“An FAQ document, published by OFAC, indicates that following a 180 day ‘wind-down’ period running up to 4 November 2018, sanctions will be restored (including secondary sanctions directed against non-US persons) in relation to specified activities and entities in relation to which relief was granted under the JCPOA.

It should be noted that this includes in paragraph 1.3:

(i) sanctions against Iran’s ports operators, and shipping and shipbuilding sectors; sanctions against IRISL and South Shipping Line.

(ii) sanctions on petroleum-related transactions with, among others, the National Iranian Oil Company (NIOC), Naftiran Intertrade Company (NICO), and National Iranian Tanker Company (NITC) including the purchase of petroleum, petroleum products, or petrochemical products from Iran.

(v) sanctions on the provision of underwriting services, insurance, or reinsurance.

Paragraph 4.4 provides that that General Licence H, which authorizes U.S. owned or controlled foreign entities to engage in certain activities involving Iran, will be revoked as soon as is administratively feasible, and that activities already authorised by Licence H, including provision of insurance and re-insurance, must be wound down by November 4th 2018.

“The International Group Clubs will continue to monitor developments and further guidance will be provided when there is greater clarity. In the meantime, however, Members should take care before entering into any new Iran related fixture to ensure that they only do so with up to date legal advice on sanctions compliance.”

Latest News

ClassNK launches “Innovation Endorsement”

(Posted on 31/07/20)

Leading Classification Society ClassNK is launching a new service titled “Innovation Endorsement... Read more


Japan’s coronavirus rise prompts MOL response

(Posted on 31/07/20)

Mitsui O.S.K. Lines, Ltd. (MOL) has announced that it will lower the number of employees working from... Read more


SMT re-launces training programmes

(Posted on 31/07/20)

Following the successful re-launch of its STCW safety critical courses in June, Stream Marine Training... Read more


Drastic crew change measures required

(Posted on 29/07/20)

INTERCARGO cannot even begin to contemplate the impacts if terminal and cargo operations were halted... Read more


Pandemic accelerates digitalization

(Posted on 22/07/20)

The coronavirus pandemic is proving a catalyst for shipping digitalization, prompting ocean supply chain... Read more


Cyber-attacks up 900% in three years

(Posted on 22/07/20)

Cyber-attacks on the maritime industry’s operational technology (OT) systems have increased by... Read more


POSIDONIA 2020 - Cancellation

(Posted on 22/07/20)

It is with a great deal of regret that the organisers have announcing the cancellation of Posidonia... Read more


New ClassNK releases guidelines

(Posted on 22/07/20)

Leading Classification Society ClassNK has released its “Guidelines for Designing Cyber Security... Read more


20 years of pioneering AXSMarine.

(Posted on 21/07/20)

AXSMarine, a leader in the provision of shipping intelligence for Dry, Tanker and Liner, today marks... Read more


Allianz: Shipping losses at record low

(Posted on 20/07/20)

Large shipping losses are at a record low having fallen by over 20% year-on-year, according to marine... Read more


TOC EventsCimbriaTelestackTMS Ship Finance & Trade Conference 2020The Wolfson Centre for Bulk Solids Handling Technology TMS Awards 2020
  • Port of Stockton
  • TOC Events
  • TMS Webinar Series COVID-19: A Leadership Perspective - Spotlight on Offshore, Oil & Gas
  • TMS Tanker Conference 2020

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping