Tagged: US Trade Sanctions

DISPONENT OWNER – US SANCTIONS – TRADE SANCTIONS – ASBATANKVOY – DEMURRAGE – EXECUTIVE ORDERS – SECURITY AWARD – VENEZUELA

The claim was for outstanding demurrage and port expenses from the Owner to Charterer. The Charterer did not contest the amount owed but maintained that sanctions imposed by the US Government on Venezuela prevented it from paying unless and until the Owner obtained a special license from the US Office of Foreign Assets Control (OFAC). The current arbitration was a Partial Final Award and focused on the Owner’s request for an Interim Award requiring Charterer to post security for Owner’s claims.