Business

Oil tanker “Young Yong” grounded near Singapore added to OFAC list over Iranian links

Captain of ship falsified the ship’s location data, and updated Viktor Artemov and others on the ship’s status and its loading of approximately 1.8 million barrels of oil.

Published

4 years ago

November 8, 2022

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Thursday (3 November) blacklisted Djibouti-registered tanker Young Yong that grounded in Singapore and its owner, for activities related to an international oil smuggling network that facilitated oil trades and generated revenue for Hizballah and the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).

OFAC designated this complex network of facilitators, front companies, and vessels under Executive Order (E.O.) 13224, as amended, which targets terrorists, terrorist organizations, leaders and officials of terrorist groups, and those providing support to terrorists or acts of terrorism.

The tanker was linked to Ukrainian national Viktor Artemov whom OFAC said “oversees much of this vast network of cover companies and shipping services to receive, conceal, and sell oil.”

“Artemov and his associates used their network to illegally transport Iranian oil abroad and procure funds on behalf of Hizballah and the IRGC-QF. Artemov used his companies to buy and sell oil tankers that were then used to transport blended Iranian oil on behalf of the oil smuggling network,” it said.

As of 2022, Artemov managed Ava Petroleum and used it to help sell illicit oil. Technology Bright is incorporated in the Marshall Islands and owns one vessel, the Young Yong. The captain of the oil tanker Young Yong falsified the ship’s location data, and updated Artemov and other Ava Petroleum employees on the ship’s status and its loading of approximately 1.8 million barrels of oil.

OFAC further elaborated: “Technology Bright is being designated pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Artemov. The Young Yong is being identified as blocked property in which Technology Bright has an interest.”

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson, said: “The individuals running this illicit network use a web of shell companies and fraudulent tactics including document falsification to obfuscate the origins of Iranian oil, sell it on the international market, and evade sanctions.”

“Market participants should be vigilant of Hizballah and the IRGC-QF’s attempts to generate revenue from oil smuggling to enable their terrorist activities around the world.”

Manifold Times previously reported the Maritime and Port Authority of Singapore (MPA) stating there were no signs of oil pollution from Djibouti-registered tanker Young Yong that grounded in Singapore Strait.

MPA said it was informed by the master of the tanker that it had grounded off Takong Kecil in the Riau Islands, Indonesia in the Singapore Strait at around 2020h on 26 October.

Note: The full statement by U.S. Department of the Treasury’s Office of Foreign Assets Control can be found here.

Photo credit: Marine Traffic / Mataburung.com Burung Hantu

Published: 9 November, 2022

LNG Bunkering

Singapore: Eastern Pacific Shipping hits 700 LNG bunkering milestone

Since commencing LNG bunkering operations in November 2020, the company said it has completed a total LNG bunkering volume of 2,920,191 cubic metres.

Published

49 minutes ago

August 18, 2026

Admin

Singapore: Eastern Pacific Shipping hits 700 LNG bunkering milestone

Singapore-based shipping firm Eastern Pacific Shipping (EPS) on Monday (17 August) said the company has successfully completed its 700th LNG bunkering operation, carried out for vehicle carrier Lake Victoria in Emden, Germany.

Since commencing LNG bunkering operations in November 2020, the company said it has completed a total LNG bunkering volume of 2,920,191 cubic metres (m3).

“Reaching 700 LNG bunkering operations reflects not only the scale of our investment in alternative-fuel capabilities, but also the experience, coordination and commitment of our teams at sea and ashore,” EPS said in a social media post.

“As we continue to grow and diversify our fleet, every operation adds to the practical experience needed to support shipping’s energy transition.”

Manifold Times previously reported the company completed a total of 530 LNG bunkering operations with over 2.4 million m3 of LNG bunkered, from the start of recorded data to 31 Dec 2025.

In its 2026 ESG Report, EPS said its fleet is among the largest dual-fuel fleets in the industry, with over 170 vessels designed to operate on alternative fuels.

In 2025, 25% of the fuel consumed by EPS fleet were alternative marine fuels, including LNG, LPG, ethane, and biofuels.

Photo credit: Eastern Pacific Shipping
Published: 18 August, 2026

LNG Bunkering

Yang Ming dual-fuel vessel completes first SIMOPS LNG bunkering operation in Shanghai

“YM Willpower” successfully received around 2,000 mt of LNG alongside active cargo handling, significantly enhancing operational efficiency during the port call.

Published

51 minutes ago

August 18, 2026

Admin

Yang Ming dual-fuel vessel completes first SIMOPS LNG bunkering operation in Shanghai

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) on Monday (17 August) said its 15,500 TEU LNG dual-fuel vessel, YM Willpower, successfully completed its first-ever LNG bunkering operation via SIMOPS (Simultaneous Operations) at the Port of Shanghai.

Through close collaboration with Shanghai International Port (Group) and SIPG Energy Shanghai, the vessel successfully received around 2,000 metric tonnes (mt) of LNG alongside active cargo handling, significantly enhancing operational efficiency during the port call.

With LNG dual-fuel technology, the company said it is continuing to expand alternative-fuel bunkering capabilities, enhance operational flexibility and efficiency and advance lower-carbon shipping solutions.

Manifold Times previously reported YM Willpower completing its first bunkering operation in Singapore.

In 2026, Yang Ming will progressively introduce newly built 15,500 TEU class container vessels primarily fueled by liquefied natural gas (LNG) into its operating fleet.

The lead vessel, YM Willpower, completed partial LNG bunkering at the shipyard prior to delivery and was officially deployed on 8 February into Yang Ming’s Far East–Mediterranean MD2 service.

Photo credit: Yang Ming Marine Transport Corporation
Published: 18 August, 2026

Methanol

Fratelli Cosulich launches methanol-ready bunker tanker in China

Designed with MarineLINE-coated cargo tanks and methanol readiness from the outset, “Carlotta Cosulich” combines operational flexibility with future-fuel readiness.

Published

55 minutes ago

August 18, 2026

Admin

Fratelli Cosulich launches methanol-ready bunker tanker in China

Genoa-based marine fuel supplier Fratelli Cosulich on Monday (17 August) announced the launch of its new methanol-ready bunker IMO II tanker, Carlotta Cosulich.

The launch of Carlotta Cosulich, the third of four sister vessels, took place at Taizhou Maple Leaf Shipyard in China, bringing together the project team, partners and stakeholders.

Silvia Bordon, General Manager, served as the vessel’s godmother during the ceremony.

“Designed with MarineLINE-coated cargo tanks and methanol readiness from the outset, Carlotta Cosulich combines operational flexibility with future-fuel readiness,” the company said in a statement.

Equipped with a five-tonne cargo crane and dedicated arrangements for Single Point Mooring (SPM) operations further enhances her versatility across a wider range of bunkering operations.

“Following the successful delivery of her two sister vessels, she brings us one step closer to completing this four-vessel programme and reinforces Fratelli Cosulich Group’s commitment to safety, innovation, sustainability and operational excellence,” the company added.

Photo credit: Fratelli Cosulich
Published: 18 August, 2026