A Greek Shipping Company “ALTOMARE” Blacklisted by US

Introduction

Greek shipping company Altomare Shipping has been blacklisted by the United States, triggering shockwaves across the maritime industry. The firm expressed that it was “surprised and disappointed” by the decision, which places it on the Office of Foreign Assets Control (OFAC) sanctions list. This move is part of Washington’s broader effort to enforce sanctions on Iranian oil exports.

What Happened?

On 21 November 2025, OFAC announced sanctions against Altomare Shipping, alleging that it was involved in transporting Iranian-origin crude oil. The company strongly denies any wrongdoing and confirmed it is working with legal counsel and US authorities to resolve the matter.

Altomare’s Official Response

In its statement, Altomare Shipping emphasised:

• Commitment to compliance: “We have never knowingly violated US laws.”
• Active engagement: The company is cooperating with regulators to clarify the situation.
• Transparency and ethics: Altomare reiterated its dedication to lawful operations and maritime safety.

Why Was Altomare Targeted?

According to OFAC, the sanctions aim to disrupt:

• Networks facilitating Iranian oil exports.
• Ship-to-ship transfers and concealment of cargo origins.
• Revenue streams supporting sanctioned regimes.

Impact on Greek Shipping

Greece operates one of the world’s largest merchant fleets, making sanctions a major concern:

• Operational Risks: Sanctioned vessels face restrictions on port calls and insurance coverage.
• Financial Pressure: Banks and insurers often refuse dealings with blacklisted entities.
• Market Uncertainty: Charterers may avoid sanctioned fleets, reducing employment opportunities.

Industry Reaction

Greek shipowners and trade associations have voiced alarm:

• Some view the sanctions as part of a geopolitical power struggle.
• Others warn of self-sanctioning, where companies avoid any perceived risk of breaching US policy.

Compliance Measures

Altomare Shipping is reportedly:

• Reviewing all transactions for compliance gaps.
• Strengthening due diligence on cargo origin and counterparties.
• Seeking removal from the sanctions list through official channels.

Conclusion

The Altomare Shipping case underscores the critical importance of compliance in global shipping. As sanctions regimes tighten, shipowners must adopt robust verification systems and maintain transparency to avoid costly penalties and reputational harm.

Altomare S.A. is a Greek-based shipping company that specializes in the management of crude oil tankers and has recently been subject to U.S. sanctions due to its alleged involvement in transporting Iranian oil. 

Key information about Altomare S.A. includes:

• Location: The company is based in Piraeus, Greece, at 5, Aitolikou Street.
• Fleet and Operations: Altomare S.A. primarily manages a fleet of tankers, historically involving very large crude carriers (VLCCs). The company has been involved in buying and selling veteran tankers over the years to manage its fleet age.
• Leadership and Affiliation: The company is believed to be ultimately controlled by Greek shipowners Dimitris Bakos and Captain Ioannis Kaimenakis and their family interests. It has also been closely linked with an affiliate company, Akron Trade & Transport, based in Fujairah, UAE.
• Recent News and Sanctions:
  • In May 2023, one of the company’s owned VLCCs, the Niovi, was seized by the Islamic Revolutionary Guard Corps Navy while transiting the Strait of Hormuz.
  • In November 2025, the U.S. Treasury Department imposed sanctions on Altomare S.A., alleging that it used front companies to facilitate Iranian military oil sales. Specifically, the company’s vessel Kallista was identified as having transported nearly 4 million barrels of Iranian oil for Sepehr Energy.
  • Altomare S.A. has expressed “profound surprise and disappointment” regarding the blacklisting and stated it is cooperating with authorities to have the sanctions removed.