Working Conditions Aboard the Rebi

In a decisive move against the illicit trade of Iranian oil, the US government has unveiled sanctions on multiple entities and vessels believed to facilitate the funding of militant organizations like Hezbollah and Iran's Revolutionary Guard Corps-Quds Force (IRGC-QF). Among the affected vessels are the 'Confidence P' (IMO: 9178044), 'Nova' (IMO: 9231224), 'Rival' (IMO: 9117818), and 'Tiyara' (IMO: 9231224), all of which have connections to Abdul Jalil Mallah and his brother Luay al-Mallah. Recent reports identify Luay al-Mallah as a new addition to the sanctions list, with Abdul Jalil Mallah long recognized for his operations in the illicit shipping sector, frequently arranging Iranian oil transfers that aid Hezbollah and the IRGC-QF. This extensive sanctions list also includes Star Ocean Shipmanage Ltd., which operates the 'Eternal Success' (IMO: 9307633), 'Eternal 8' (IMO: 9232448), and 'Eternal Peace' (IMO: 9259745). These vessels have allegedly conducted operations violating US sanctions on the IRGC-QF as recently as July 2024. Reports indicate that they employed deceptive tactics, including ship-to-ship transfers and AIS spoofing, to mask their activities while transporting oil. Furthermore, the 'Serene I' (IMO: 9197832) has been targeted for its role in loading and transporting IRGC-QF oil from Iran to China for Concepto Screen SAL Offshore, a firm reportedly linked to Hezbollah. The ship's owner, Dragon Road Ltd., based in the Marshall Islands, has also been sanctioned. The situation intensifies with the 'Feng Tau' (IMO: 9248473), which is accused of shipping oil from Iran to mainland China, leading to sanctions against both the vessel and its Hong Kong-based owner, Tai Feng Hai Shipping Ltd.

Frontline Ltd. has made an announcement regarding its shipping subsidiary, Frontline Shipping Limited, which has opted to terminate long-term charter agreements for three of its very large crude carriers (VLCCs): Front Page, Front Serenade, and Front Stratus. This decision comes as Ship Finance International Limited ('Ship Finance') prepares to sell these vessels to an unrelated third party. As part of the agreement, Frontline will compensate Ship Finance with a total of $10.125 million for the early termination of the charters. This payment will be structured as three separate promissory notes. Importantly, both Frontline and Ship Finance will be absolved from any further obligations connected to these vessels following the termination. The completion of these transactions is anticipated to occur during the third quarter of 2018.