Latest news with #SereneCheong
Bloomberg
11 hours ago
- Business
- Bloomberg
Trump's Iranian U-Turn Exposes an Uncomfortable Oil Truth
Welcome to our guide to the commodities markets powering the global economy. Today, Asia oil trading team leader Serene Cheong looks at the US president's surprising announcement that China can carry on buying crude from Iran. Even for seasoned observers of Donald Trump's White House, Tuesday's pronouncement was a headscratcher. China, he wrote on social media, 'can now continue to buy oil from Iran.'
Yahoo
14-03-2025
- Business
- Yahoo
Singapore shipping firm hit by US sanctions over Iran oil links
By Serene Cheong and Weilun Soon (Bloomberg) – A Singapore-based company has been slapped with US sanctions for links to the Iranian oil trade, becoming the first in the city-state to be penalised for assisting with oil transfers at sea. Shipload Maritime was sanctioned because it 'knowingly engaged in a significant transaction for the transport of petroleum or petroleum products from Iran,' according to a statement from the US Department of State on March 13. The punishment relates to an ship-to-ship transfer in December near Indonesia. Calls to Shipload Maritime on Friday went unanswered. The Trump administration has vowed 'maximum pressure' on Iran to disrupt the flow of its oil, which the White House says generates revenue that supports Tehran-backed militia groups such as Hamas. Rounds of US sanctions on the OPEC producer has caused logistical challenges and slowed exports to China, forcing traders to engage in risky efforts to circumvent the measures. Shipload Maritime was sanctioned for using the tug boat Malili to facilitate the STS transfer between Sobar, an Iranian-flagged tanker, and Star Forest on Dec. 25 near Nipa in Indonesia, according to the statement. The Singapore-based company is the commercial manager and operator of Malili, it said. The US also targeted PT Bintang Samudra Utama and PT Gianira Adhinusa Senatama for using tug boats related to the Sobar-Star Forest transfer. Tug boats are small and powerful vessels that help safely guide bigger ships with tight manoeuvres near ports, or stabilise them during STS operations. The region off eastern Malaysia is home to the world's biggest and busiest hub for the movement of Iranian oil from one tanker to another. Shipload Maritime provides STS transfer support to oil majors in and around Singapore, as well as in Japan, according to shipping executives familiar with its operations. The company is based in Golden Mile Tower, a mixed-used commercial and residential building that houses many small businesses. It's not the first time a Singapore-based company has been hit with US sanctions related to the Iranian petroleum trade. Asia Fuel and Unicious Energy were penalised in 2023 for their roles in facilitating Tehran-related shipments and payments. (Removes AI summary for incorrect timeline.) More stories like this are available on ©2025 Bloomberg L.P.
