The US Treasury Department has sanctioned five bunker fuel suppliers, alleging they provided marine fuel to vessels carrying Iranian crude oil and to ships connected to Iran’s national shipping line, according to Ship & Bunker.
The Office of Foreign Assets Control (OFAC) announced the designations on Monday, targeting Hong Kong-based Shipoil Limited, Dubai-based Shipoil FZCO, and Ship Fuels and Trade DMCC. Ship & Bunker reports that Treasury described these firms as operated by Greek nationals Almpertos “Alberto” Tsoris and Georgios “George” Tsoris, who were also individually designated in the action.
Alleged Coordination With Iranian Entities
According to Ship & Bunker, the companies are said to have coordinated with sanctioned Iranian parties since at least 2023, including the National Iranian Tanker Company (NITC), to supply bunkering services to vessels transporting Iranian crude and other petroleum products.
Two additional UAE-based companies, Unique Oasis Shipping Services LLC and Target Horizon Shipping LLC, were also designated. Ship & Bunker reports that both firms allegedly worked alongside Shipoil Limited and Ship Fuels and Trade DMCC this year to deliver “hundreds of thousands of dollars’ worth of bunkering services” to a vessel linked to the Islamic Republic of Iran Shipping Lines (IRISL).
Legal Basis for the Designations
Per Ship & Bunker’s reporting, Alberto Tsoris, Shipoil FZCO, and Ship Fuels and Trade DMCC were designated under Executive Order 13902 for allegedly operating within Iran’s petroleum sector, with Shipoil Limited named for assisting Shipoil FZCO. George Tsoris, Unique Oasis, and Target Horizon were designated under Executive Order 13382 for allegedly supporting IRISL.
Ship & Bunker notes that a designation is an administrative action by OFAC and does not constitute a criminal charge or a court finding.
The report states these actions form part of a broader Treasury initiative called Operation Economic Outcast, under which OFAC sanctioned nearly 60 entities, individuals, and vessels across multiple jurisdictions. Treasury Secretary Scott Bessent was quoted in Monday’s statement, as reported by Ship & Bunker: “Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.”
Does This Matter To You?
Sanctions actions targeting bunker suppliers directly affect how fuel procurement and counterparty due diligence are handled across the industry. Bunker traders, suppliers, and vessel operators who may have dealt with or considered dealing with the named companies should be aware of the designations, as engaging with sanctioned entities can carry compliance and financial risk under US sanctions law.
The source material does not detail further operational guidance beyond the designations themselves, so the direct impact on specific trading routes or fuel availability is not addressed in the reporting.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
