Panama Begins Deregistering Three Tankers Following US Sanctions on Iranian Oil Shipments
Panama has begun deregistering three tankers from its maritime registry in implementation of Executive Decree No. 512. The move comes after a US sanctions package targeted 17 vessels linked to Iranian oil.
Panama has initiated proceedings to deregister three tankers from its maritime registry, Bitu (IMO 9531765), Starway (IMO 9273246), and Mackerel (IMO 9234628), in implementation of Executive Decree No. 512, according to shipping news platform PortNews.
On October 8, the US Department of the Treasury's Office of Foreign Assets Control imposed a package of sanctions targeting 17 vessels linked to the export of Iranian crude oil, petroleum products, and petrochemicals to Asian markets. The three tankers are among the vessels targeted by the US measure.
De-flagging (deregistration) is a step that strips a vessel of its official legal and navigational cover, as deregistration removes the vessel from the national flag registry and forces its owner to seek another registry or cease operations. Foreign-flagged vessels have frequently been used to transport Iranian crude outside regulatory frameworks.
This move coincides with a broader Western campaign targeting Iran-linked shipping, keeping maritime transport markets on alert for any additional deregistrations affecting other vessels on sanction lists. Panama has not yet announced the fate of the three tankers after completing the deregistration procedures.
What do these terms mean?
Deregistration of a vessel: Officially removing a ship's name from the national flag registry, causing it to lose its maritime nationality and depriving it of the protection and services associated with that registry.
Office of Foreign Assets Control (OFAC): An agency of the US Department of the Treasury responsible for administering and enforcing financial and economic sanctions against targeted individuals, entities, and vessels.
Economic sanctions: Restrictions imposed by a country or international entity to cut off or limit economic activity with a targeted party, aiming to pressure them to change their behavior.
Shadow fleet: Vessels operating under changing flags and concealed ownership to evade sanctions and regulatory verification checks.
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