Cambis, the frontman for investors controlling a fleet of eight VLCCs, has had all his US assets blocked, the Treasury Department says.
Cambis and the VLCCs, which were first managed by Libra Shipping, were the subject of persistent chatter in the market from the time the first of the ships was purchased – but he has always denied any links with Iranian activity.
Speaking to TradeWinds today Cambis said. “We have nothing to do with Iranian cargoes and Iranian crude oil."
He added:“We have all the documentation to prove it. The issue is that being sanctioned to prove it will take a long time.”
David Cohen, Under Secretary for Terrorism and Financial Intelligence, said in the statement: “Today we are lifting the veil on an intricate Iranian scheme that was designed to evade international oil sanctions.
“We will continue to expose deceptive Iranian practices, and to sanction those individuals and entities who participate in these schemes.”
According to the Treasury Department Cambis, president of Impire Shipping, established his shipping company, as well as several front companies, to purchase oil tankers while disguising the fact that the tankers were being purchased on behalf of the National Iranian Tanker Company (NITC).
“These front companies were used to obscure the fact that these vessels, which are capable of carrying roughly $200m worth of oil per shipment, are the property of the Iranian government,” it said.
“Another front company, Libra Shipping, operates the vessels Cambis and Impire purchased on behalf of NITC with the aim of loading them with Iranian oil supplied by the National Iranian Oil Company (NIOC),” the US added.
“These operations are conducted through a series of ship-to-ship transfers in an attempt to mask the fact that the true origin of the oil is from Iran and to introduce it into the global market as if it were non-Iranian oil.”
The Treasury Department says it has identified 58 vessels as property in which NITC has an interest.
“Today, Treasury is also identifying the eight tankers purchased by Cambis on behalf of NITC, the eight front companies that nominally own them, as well as a network of Iranian government front companies that provided some of the funds that Impire Shipping Company used to purchase vessels for NITC,” it said.
Greek authorities involved
In a statement the Ministry of Shipping and the Aegean says it is aware of the allegations against a citizen and foreign company and has shared relevant data with officials in the US.
“The Minister of Shipping and the Aegean, Kostis Mousourilis has issued an order for the immediate monitoring of the foreign company in order to examine the revoking of its permit to establish,” it said, according to a translation of the statement distributed in Greek.
Preliminary research carried out by the Ministry of Shipping and the Aegean has found no involvement of ships under Greek flag or Greek shipping companies in relation to the claims.
As TradeWinds exclusively reported last month, Cambis is fronting a fund for investors in Russia, Malaysia and the United Arab Emirates which clubbed together $300m for the project.
The VLCC acquisitions started coming to light in September, with widespread speculation following them as to whom was behind the purchase of the ships and where they were trading.
When the fund began to acquire ships, it put them under the technical management of Athens-based Libra Shipping. But Cambis said company owner Makis Kourtesis suffered a lot from that move because of market jealousy.
So, at the fund’s latest general assembly in October, the decision was taken to establish its own shipmanagement company outside Greece.
Cambis and co entered the VL sector with the purchase of eight VLCCs between September and November 2012.
The ships now appearing on the US hit list are:
- Ocean Performer (ex-Olympic Loyalty, 303,200-dwt, built 1993)
- Ocean Nymph (ex-BW Ubud, 280,000-dwt, built 2000)
- Nereyda (ex-TI Guardian, 291,000-dwt, built 1993)
- Zap (ex-Yiomaral, 302,400-dwt, built 1993)
- Seagull: ex-Samco Raven, 301,600-dwt, built 1996)
- Ulysses 1 (ex-Tenryu, 281,000-dwt, built 1999)
- Glaros (ex-Crete/Saga Chelsea, 258,400-dwt, built 1993)
- Leycothea (ex BW Ural, 280,000-dwt, built 2000)
“Although negative publicity around the VL-market, it is relatively certain that these vessels will not be trading actively going forward given their now tainted background,” said Erik Nikolai Stavseth of Arctic Securities.
“Moreover, we see it as further limiting Iranian crude exports – potentially driving up Asian demand from other regions.”
Click here to read about the rapid rise of the VLCC venture.
