Page 15: of Marine News Magazine (March 2026)

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Washington Watch

U.S.-Venezula Relations ? eet” or that feature opaque owner- providers that rely on opaque inter- planning, and veri? cation of origin ship and frequent ? ag changes. P&I mediaries, “shadow ? eet” tonnage, or and routing. Counterparty risks such

Clubs have restricted, conditioned, non-standard routing. Scarce com- as opaque ownership, atypical rout- or even withdrawn third-party liabil- pliant tonnage and extended vetting ing, or unconventional contractual ar- ity coverage for such vessels, while are driving freight-rate volatility in rangements can create sanctions expo- fringe providers are issuing certi? cates supply chains, disrupting scheduling, sure, which need to be identi? ed early. with limited enforceability, leaving driving up costs, and creating friction These risks should be escalated and pollution, wreck removal, crew, and for counterparty relationships beyond resolved before contracts are ? nal- third-party claims largely uncertain. Venezuela-linked cargoes. ized or shipments move, rather than

Under OFAC’s sanctions regime, in- discovered by regulators, insurers, or

Practical Risk Controls surance bene? ts for designated parties coverage counsel.

or sanctionable activity can be con- Procurement teams and service The U.S. approach to Venezuela cre- strued as material assistance, expos- providers must be vigilant to manage ates a high-stakes environment where ing insurers and P&I Clubs to sanc- maritime and sanctions risk through sanctions, enforcement, commercial, tions risk or regulatory enforcement. disciplined operational and compli- and insurance risks leave little room

Companies that clear U.S. Dollar ance controls. Sanctions screening for error so industry participants will payments, use U.S. banks, or oper- and insurance review should be inte- be well-served to identify these issues ate on U.S.-hosted platforms create grated into service provider and ves- in order to address exposures before jurisdictional hooks for U.S. authori- sel selection, lane and transshipment they escalate.

ties. When operating foreign-? agged vessels, these links can trigger down- stream implications for P&I Clubs, charterers’ liability, hull and machin- ery, cargo, and trade-credit cover- age. Underwriters are beginning to implement additional sanctions and war-risk endorsements, higher premi- ums, broader exclusions, and stricter disclosures, which makes insurance review and placement a precondition for commercial viability.

Enforcement and insurance pres- sures are affecting the ocean trans- portation market. Banks, insurers,

P&I Clubs, and ports are pulling back from Venezuelan trade or con- ditioning engagement on enhanced diligence, sanctions-speci? c contrac- tual protections, and pricing adjust- ments. Protective measures include expanded warranties, audit and ter- mination rights, higher deductibles, policy exclusions, and mid-voyage withdrawal provisions, especially for www.marinelink.com MN 15|