U.S. Treasury’s OFAC Announces Sanctions on Maritime Entities

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On May 11, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published new sanctions. These sanctions block one or more entities and vessels. The entities and vessels were added to the Specially Designated Nationals and Blocked Persons List (SDN List).

The reason for the addition is that these entities have met OFAC’s legal criteria. They are blocked under U.S. jurisdiction. U.S. persons cannot do business with them.

The entities blocked are involved in Iran’s petroleum sector. They are controlled under Executive Order 13902. This order imposes penalties in sectors like petroleum.

The entities named include:

  • Costin Shipping Limited in Hong Kong, China. Founded on March 12, 2025, its number is IMO 0191080.
  • Mihir Shipping Inc. in Marshall Islands. Founded on December 8, 2025, its number is IMO 0404616.
  • Naxos Maritime and Trading S.A. in Panama. Founded in 2023, its number is IMO 6395865.
  • Patriot Inc. in Marshall Islands. Founded on December 6, 2024, its number is IMO 0237023.
  • And various others located in China, Panama, and the Marshall Islands.

The vessels named include:

  • BANGUS, a Crude/Oil Products Tanker under Barbados flag, IMO 9308998. Linked to Costin Shipping Limited.
  • GALVIN, an LPG Tanker flying Panama flag, IMO 9387762. Linked to Naxos Maritime and Trading S.A.
  • HH GLORY, an LPG Tanker also having Panama flag, IMO 9534614. Linked to Skyros Maritime and Trading S.A.
  • Plus several more tankers linked to different entities.

These entities and vessels are linked to individuals and companies whose property is blocked. The designated companies have operations in the petroleum and petrochemical sectors in Iran.

All the affected entities and vessels are listed online on OFAC’s website for further information.

Bradley T. Smith is the Director of OFAC. He approved these official actions under Executive Order 13902.


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