Ofac sanctions tankers over Iran trades
Panama-flagged CH Billion and Hong Kong-flagged Star Forest designated for carrying oil to China for Iran’s armed forces
US Treasury announced sanctions on two tankers and their owners and managers, alleging they shipped oil worth hundreds of millions of dollars
THE US announced sanctions on Thursday against two tankers it said shipped hundreds of millions of dollars’ worth of crude to China for Iran’s military.
The Office of Foreign Assets Control designated Panama-flagged CH Billion (IMO: 9276585) and Hong Kong-flagged Star Forest (IMO: 9237632).
Ofac said Star Forest had shipped more than $100m worth of oil on behalf of Iran’s Revolutionary Guards in the past few years.
It said in August 2024, CH Billion received more than 600,000 barrels by ship-to-ship transfer from Hedy (IMO: 9212888) a National Iranian Tanker Co tanker.
Hong Kong-based Young Folks International Trading is the registered owner, shipmanager, and operator of CH Billion, while China-based Lucky Ocean Shipping is the operator and manager of the Star Forest.
The two ships were said to be part of a network around Sepehr Energy, a front company for Iran’s Armed Forces General Staff that was sanctioned on November 29, 2023.
Ofac said the network spanned China, India, the UAE and several vessels. Iran used oil funds for its nuclear programme, building missiles and drones, and supporting regional terrorist proxies in the region.
Treasury Secretary Scott Bessent said: “The US is committed to aggressively targeting any attempt by Iran to secure funding for these malign activities.”
The sanctions notice, enacted by executive order, named several people and companies it said were involved in the Sepehr network.
Other ships named included Cameroon-flagged Oxis (IMO: 9224805), owned by Seychelles-based Miletus Line.
Ofac said Sepehr Energy used the Panama-flagged Gioiosa (IMO: 9198082), owned by Hong Kong-based Gozoso Group, to transport over 700,000 barrels of Iranian oil, worth tens of millions of dollars, for delivery to China.
Hong Kong-based Ocean Dolphin Ship Management acted as the manager and operator of Gioiosa. Kazakhstan-based and Seychelles-registered Umbra Navi Ship Management (Umbra Navi) acted as the technical manager of Oxis during these shipments.
The US State Department sanctioned Oxis and Umbra Navi in January for shipping Russian oil for Sovcomflot, the Russian state tanker company.
