US-Iran sanctions on COSCO ensnare Teekay’s Yamal LNG shipping joint venture

摘要

Bermuda-based shipping company Teekay Group is scrambling to reassure investors after the US government slapped sanctions on a subsidiary of Chinese shipping company COSCO, its partner in the 50-50 Yamal LNG shipping joint venture, for allegedly participating in illicit trade of Iranian crude oil. Teekay, which trades on the New York stock exchange, today cancelled a 2 October investor meeting and said its LNG JV will be affected after the US Executive Office of Foreign Assets Control (OFAC) sanctioned COSCO Shipping Tanker (Dalian) and COSCO Shipping Tanker (Dalian) Seaman & Ship Management.