November 29, 2023

OFAC’s new sanctions on N. Korean shipping

New designations likely further limit chances of seeing OMM ships outside of East Asia

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) yesterday continued its focus on North Korean shipping, designating three companies with links to Ocean Maritime Management (OMM).

Haejin, Pyongjin and Yongjin Ship Management rose from the ashes of OMM shortly after its sanctioning in July 2014, and between them are registered as either the owner, manager or safety manager of nearly every vessel in OMM’s fleet.