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.
