The Government of Panama is taking steps to cancel the registration of three oil tankers that have recently been sanctioned by the United States. This action follows increasing efforts by the United States to pressure Iran regarding oil and petrochemical exports.
Sanctions and Panama's Response
The Panama Maritime Authority has announced that it is cooperating with the recent U.S. sanctions and is swiftly taking action to limit the activities of the three sanctioned tankers. These tankers are under close monitoring and control, with one of them even changing its flag to Barbados. One of the tankers, Star V, which changed its flag in September, is recognized as a Chinese tanker owned by a company in the Marshall Islands.
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Investigations show that this tanker has managed to transport over three million barrels of naphtha from Iran to other locations. Meanwhile, two other tankers have also been identified as violators of the sanctions, and information indicates that they have been engaged in similar activities.
Legal Actions and Existing Challenges
The Government of Panama has faced previous criticism for not responding quickly to the sanctions, but has recently taken actions to expedite the cancellation of tanker registrations and address violations. Notably, an executive order was passed in 2024 that simplified the process of canceling tanker registrations and reduced the time required for this process.
In the first six months following the implementation of this order, Panama has successfully removed 107 sanctioned tankers from its registry. However, regulatory challenges still exist, and Panama, as the largest tanker registry with approximately 7,700 tankers, must monitor closely.
In this context, the United States recently announced that 17 tankers have been added to its sanctions list to exert further pressure on the shadow fleet supporting Iran's oil operations. This fleet includes tankers with various flags, including Comoros, Bahamas, and Panama. Panamanian officials have stated that all necessary actions to cancel the registration of the sanctioned tankers are underway.
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