The Oct. 8 Treasury action named 12 vessel owners and operators, from Paritosh Shipping to Saint Abundant International. The companion State Department action named 10 entities and six people, led by two India-based marine firms and their directors. The targets belong to Iran's shadow fleet.
That phrase means vessels and owners accused of hiding Iranian oil shipments. According to the U.S. Treasury, Operation Economic Outcast targeted 17 vessels moving Iranian crude, LPG, bitumen and petrochemicals Treasury press release. Treasury tied the case to South and East Asia and Executive Order 13902.
Table of Contents
- Which vessel owners did Treasury name?
- Which ships link managers to China?
- Who did State name beyond the tankers?
- What must companies and banks do now?
Which vessel owners did Treasury name?
Treasury's bulletin names Paritosh Shipping Inc., Ornella Shipping Inc., Hechuang International Group Limited, Kanha Shipping Inc., Terra Nav Shipping Ltd. and Betta Shipping Inc.
It also names Makarua Shipping Limited, Goddess Shipping Corp., Standwill Shipping Limited, Gravion Maritime, Brich Shipping and Saint Abundant International. Treasury listed them as owners or operators. That status ties each firm to specific tankers in the action.
Which ships link managers to China?
Xinde Maritime News identifies Hechuang International Group Limited of Qingdao and Hong Kong with chemical/product tanker Starway, IMO 9273246. It links the firm to management of that tanker.
The same reporting links Shunhang Ship Management Limited of Shenzhen and Hong Kong with LPG carrier Gas Lucky, IMO 9177557. LPG means liquefied petroleum gas. Starway is listed as a chemical/product tanker, while Gas Lucky is listed as an LPG carrier.
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Who did State name beyond the tankers?
The State Department separately sanctioned 10 entities, six individuals and five vessels tied to Iranian petroleum and petrochemical trade. The News Pakistan, relaying State Department and Reuters material, reports the networks touched India, the UAE, Türkiye, Iran and the United Kingdom State Department sanctions report. State named India-based SSPL Solutions Private Limited and Samudra Marine Services Private Limited for facilitating Iranian petroleum imports.
It also named directors Dhwani Nisarg Vora, Nisarg Samir Vora, Ketan Manohar Kochikar, Bhupendrasingh Dhalsingh Sahu and Harishyam Hariharan Chundakattil. Other designees included Türkiye-based BGZ Dis Ticaret, linked to about $20 million in Iranian petrochemical imports. They also included UAE-based ArabianPro Materials FZCO and India-based SSPL, linked to about $2 million each, plus Türkiye-based Noorzad Petrokimya. Export Compliance Daily reported those values.
What must companies and banks do now?
U.S. persons must block property of designated parties and report it to OFAC. OFAC means the Office of Foreign Assets Control, the Treasury unit that enforces sanctions. Foreign banks and shippers that help designated deals risk cutoff from the U.S. financial system.
Check deals before you pay, ship, insure or finance: Treasury also shows an off-ramp. It removed containerships Hakuna Matata, IMO 9354167, and Pinocchio, IMO 9400112, after finding they left the shadow fleet and were sold to non-sanctioned, U.S.-aligned operators. OFAC's license list states that Iran General License EE allowed only wind-down with Samudra Marine Services through 12:01 a.m. EDT Oct. 23, 2026 OFAC general licenses page.
- Screen owners, operators, managers and charterers against the new lists
- Freeze any match and report it to OFAC
- Stop new business with Samudra Marine Services except licensed wind-down
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