News and insights
Latest updates from the Club
OFAC recently issued an “Advisory to the Maritime Petroleum Shipping Community” reiterating in the strongest terms the sanctions risks for shipowners, marine insurers and bunker suppliers related to the carriage of petroleum and associated products from Iran.
News 28 Oct, 2019West's strong financial performance continues
20 August 2019: The Club’s capital has remained stable over the first half of 2019, with the Free Reserve forecast to increase to US$312 million.Tom BowsherGroup CEO
News 25 Oct, 2019Wind-down period announced for transactions with COSCO Shipping Tanker (Dalian) Co. Ltd
OFAC have now issued General Licence K which entitles U.S. persons to wind-down their activities with COSCO Shipping Tanker (Dalian) Co. Ltd. and any subsidiary in which they own 50% or more.
News 23 Oct, 2019Port disruption in Chile
Following the recent protests in Chile some ports may be subject to disruption.
Sanctions News 24 Oct, 2019U.S. Sanctions Against Turkey Withdrawn
The recently imposed U.S. sanctions against Turkey have been withdrawn in light of the ceasefire agreed in northern Syria.Tony PaulsonCorporate Director
Sanctions News 17 Oct, 2019U.S. Sanctions Against Turkey
As a result of the Turkish military action in northern Syria, President Trump issued an Executive Order on 14 October 2019 imposing sanctions against the Turkish Ministry of Energy and Natural Resources and the Turkish Ministry of National Defence.Tony PaulsonCorporate Director
Sanctions News 01 Oct, 2019Iran sanctions - U.S. issues clear warning to shipping over petroleum shipments
OFAC recently issued an “Advisory to the Maritime Petroleum Shipping Community” reiterating in the strongest terms the sanctions risks for shipowners, marine insurers and bunker suppliers related to the carriage of petroleum and associated products from Iran.Tony PaulsonCorporate Director
Notices to Members
Notices to Members 21 Oct, 2019No. 10 2019/2020 - Class 1 (P&I) and Class 2 (FD&D) Policy Balances
The Board reviewed the latest Class 1 and Class 2 figures and the Club’s mid-year financial position at their meeting on 16 October 2019.