US sanctions HK-registered shipping firms over Iran oil transport

The US Treasury Department on Wednesday announced fresh sanctions against 10 entities and eight oil tankers, accusing them of involvement in transporting and selling Iranian crude oil in violation of US sanctions, with several Hong Kong-registered shipping companies among those targeted.

The entities and vessels have been added to the Specially Designated Nationals list, with their US assets frozen and US citizens or entities prohibited from transactions with them.

Among the sanctioned entities are five Hong Kong-registered shipping companies: Billion Nexus Int’l, Confident Apex, Marinova Freight, Nevada Spirit and Qi Hang Ship Management. The list also includes three Marshall Islands-based companies and two Iranian firms.

The US Treasury said the eight sanctioned tankers have transported millions of barrels of Iranian crude oil and petroleum products to China and the UAE since 2022.

Two Iranian entities were also targeted for operating a coercive insurance scheme in the Strait of Hormuz under the backing of Iran’s Islamic Revolutionary Guard Corps, US officials said.

Treasury Secretary Scott Bessent said Iran is “desperate for cash” with its economy in freefall, adding that the US will not allow Iran to use international shipping to fund IRGC activities.

Since the start of 2026, the US has sanctioned over 100 vessels linked to Iran’s shadow fleet.

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