Donald Trump’s so-called ‘maximum pressure’ campaign against Iran intensified yesterday with the latest specific sanctions announced in Washington DC, including a ship awaiting scrapping in Bangladesh, as well as tugboats that have serviced vessels linked to Iran in the past.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) hit Iran’s Oil Minister, Mohsen Paknejad, with sanctions yesterday, as well as 10 more tankers and three tugboats.
Among the 10 sanctioned tankers, the one most likely to grab the headlines is the 1997-built Comoros-flagged Itaugua VLCC currently moored in Bangladesh awaiting demolition, something that is now unlikely to happen after Washington’s designation.
The Marino is also notable in the latest US decisions for its flag. The LR2 is accused of transporting tens of thousands of metric tons of fuel on behalf of Iran to China. It flies the flag of San Marino, a shipping registry founded in 2021. The landlocked San Marino’s growth is likely to raise questions within European circles: its fleet grew by 663% last year to 1.1m GT.
Three Southeast Asian tugboats that have assisted ship-to-ship transfers for Iran’s shipping fleet to carry oil to China are also part of this third wave of sanctions delivered by the Trump administration in less than two months since the new government came to power.
“The Iranian regime continues to use the proceeds from the nation’s vast oil resources to advance its own narrow and alarming interests at the expense of the Iranian people,” said Treasury Secretary Scott Bessent. “The Treasury will fight and disrupt any attempt by the regime to fund its destabilizing activities and promote its dangerous agenda.”
Iran’s exports are estimated to have declined to 1.35 million barrels per day on average during January and February, compared to its 2024 average of 1.70 m barrels per day. There are increasing reports of volumes lifting from Iran, but they face prolonged storage time in Southeast Asia, as the pool of available buyers and vessels has tightened.
Starting with the Informa group in 2000 in Hong Kong, Sam Chambers became the editor of Maritime Asia magazine, as well as East Asia editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued an independent career and wrote for a variety of titles including taking on the role of Asia editor for Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and the International Herald Tribune.
March 14, 2025
March 14, 2025
March 14, 2025
March 14, 2025
March 14, 2025
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