Sanctions & Compliance

Case-by-case review

Distressed cargo cases differ widely: the same commodity may be straightforward in one port and not transactable in another. For that reason we assess each case on its own facts rather than applying a standing assumption drawn from an earlier transaction.

Considerations that may be relevant

• Ownership of the cargo and the authority of the party instructing a sale
• Sanctions and restrictive measures affecting parties, vessels, cargo or destinations
• Customs status, including cargo under customs control or in a bonded position
• Jurisdiction and the law applicable to the cargo and the transaction
• Cargo classification, including dangerous goods, food, feed and waste classification
• Destination restrictions and import requirements in the receiving market
• Identity and role of counterparties in the intended recovery route
• Applicable trade, export and product regulations

Commercial attractiveness does not decide the outcome

Where a recovery, remarketing or disposal route would conflict with applicable legal or regulatory requirements, it is not pursued — irrespective of the commercial value involved, the pressure on storage or demurrage, or the preference of a counterparty. In such cases we say so and, where possible, set out what an alternative compliant route would require.

Information from counterparties

Our review depends in part on information provided by others: cargo owners, insurers, brokers, carriers, terminals, agents and buyers. We ask for the documentation needed to establish title, authority, customs position and cargo identity, and we treat unresolved gaps in that documentation as a reason to pause rather than to proceed.

Limits of any review

We do not claim that every possible sanctions, regulatory or documentary risk can always be identified in every case. Screening is performed on the basis of the information reasonably available at the time, and positions may change as new information, findings or restrictions emerge. Where that happens, the transaction is reassessed.

Status of this statement

This page describes an internal approach to legal and regulatory review. It is not a legal opinion, a compliance certification, or a statement of regulatory authorisation, and it does not replace the advice each party should obtain for its own position.