Treasury Targets Iran’s Fake-Flag Network as Container Lines Push Rate Hikes

The US Treasury Department has sanctioned an India-linked network accused of impersonating national ship registries to give fake flags to tankers carrying Iranian oil. The move widens Washington’s campaign against Tehran’s shadow fleet.

The Office of Foreign Assets Control designated Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, two associates and nine companies, including Singapore-based Eswatini Maritime Affairs and International Ship Registry. Treasury said the group posed as the maritime authorities of Guyana, Eswatini, Laos, Aruba, Nicaragua and Sint Maarten without government approval. It issued registration papers through websites designed to look like official registries.

Five tankers were named, including the Majestic X, which US forces seized on April 22 while it was carrying Iranian oil under a fraudulent Guyana flag. “We know where you are, and we will sanction those who continue supporting the Iranian regime,” Treasury Secretary Scott Bessent said. OFAC also issued an alert urging the industry to watch for registration documents that can’t be verified and for flags that don’t match a vessel’s radio identification codes.

Container lines, meanwhile, are trying to keep trans-Pacific rates high even as demand cools. Spot rates from Asia to the US East Coast were about $9,900 per 40-foot container this week, and West Coast rates held near 8,300 dollars, according to Freightos. Carriers are seeking increases of 2,000 to 3,000 dollars per container for November.

Strong rates are lifting results. A.P. Moller-Maersk A/S raised its full-year guidance on Thursday for the third time this year and now forecasts underlying earnings before interest and taxes of 8 billion to 8.5 billion dollars. Ocean Network Express also raised its profit forecast. Even so, Maersk shares fell as much as 11.6% in Copenhagen after third-quarter results missed analysts’ estimates.

Much now depends on Los Angeles and Long Beach, where talks to avert a strike by port watchmen have been extended through Friday night.