US expands sanctions on Iranian oil exports, targets Greek shipping executive 

The Treasury Department’s Office of Foreign Assets Control (OFAC) designated Antonios Margaritis, who, according to the announcement, “has leveraged his decades of experience in the shipping industry to illicitly facilitate the transport and sale of Iranian petroleum.”

OFAC said Mr Margaritis has recently been involved in operating sanctioned vessels Enola and Angia, both of which have transported Iranian oil. In December 2024, the regulator also sanctioned Journey Investment Co, Rose Shipping, and Passada Maritime Ltd – firms linked to Mr Margaritis’ operations.

The latest measures expand sanctions to other entities within Mr Margaritis’ network, including Marant Shipping and Trading SA, based in Greece and the Marshall Islands, as well as Square Tanker Management Ltd, Comford Management SA, and United Chartering SA, all registered in the Marshall Islands.

“Margaritis maintains control over this group of entities to facilitate his network’s movement of Iranian cargo and has continued to do so after vessels in his network have been sanctioned,” OFAC stated.

US Treasury Secretary Scott Bessent said the action “against Margaritis and his network degrades Tehran’s ability to fund its advanced weapons programs, support terrorist groups, and threaten the safety of our troops and our allies.”

More vessels and ports added

In addition to Antonios Margaritis and his companies, OFAC targeted further “Iranian oil facilitators,” including eight tankers and two ports.

The sanctioned fleet includes five VLCCs, two MR tankers, and one small tanker. Navios Maritime Partners noted in its Q2 earnings presentation that sanctioned VLCCs represent about 14% of the active fleet, with the highest exposure in the Aframax/LR2 segment (25%).

Among the newly designated infrastructure, OFAC listed Qingdao Port Haiye Dongjiakou Oil Products – described as “the largest entry point for Iranian crude oil into China by volume” – and Yangshan Shengang International Petroleum Storage and Transportation, a Chinese crude oil terminal and storage operator.

The measures also extend to several international companies: UAE-based Ozarka Shipping FZCO, Marshall Islands-based Changbai Glory Shipping Ltd, British Virgin Islands-based Regal Liberty Ltd, and Hong Kong-based firms U Beacon Shipping Co Ltd, Hong Kong Hangshun Shipping Ltd and Ares Shipping Ltd.