ECONOMY

Greek tanker manager says possible Iran oil transfer being probed

Greek tanker manager says possible Iran oil transfer being probed

Greece-based Empire Navigation is investigating whether Iranian oil was transferred onto one of the vessels it manages, the company said in a statement, after a US advocacy group first made such allegations last week.

Top oil shipping companies say they are grappling with a growing risk of handling oil shipments originating from countries that have been targeted by US sanctions such as Iran and Venezuela.

A breach of US sanctions could lead to a company losing access to the dollar financial system, having assets seized, and insurance cover for ships canceled, US and insurance industry officials say.

Empire Navigation said it was “aware of the allegation of non-compliance regarding our managed vessel, Suez Rajan, related to a ship-to-ship transfer of Iranian oil.”

“We take these allegations very seriously and will work with the authorities to investigate this matter,” it said in a statement sent on Sunday. [Reuters]