Companies with mainland Chinese and Hong Kong connections feature in the latest US action against Iranian oil and petrochemical shipping, extending sanctions exposure across vessel ownership and trading relationships.

The United States has sanctioned 17 companies and identified 17 associated vessels as blocked property in its latest action against Iranian petroleum exports, naming several shipping businesses with addresses or registrations in mainland China and Hong Kong.

Announced on October 8, 2026, the Treasury Department action targets ships it alleges transported Iranian crude oil, petroleum products and petrochemicals to markets across South and East Asia. The designations were imposed under Executive Order 13902 and entered on the Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons List. 

The measures cover a diverse fleet, including LPG carriers, chemical and product tankers, crude tankers and bitumen carriers. By designating the companies behind the vessels, Washington is also targeting the corporate relationships through which shipping assets are held and employed.

China-linked companies named

OFAC lists Hechuang International Group Limited with a Qingdao address and Hong Kong business registration details. The company is linked to the chemical/product tanker Starway, IMO 9273246.

Shunhang Ship Management Limited, linked to the LPG carrier Gas Lucky, IMO 9177557, is listed with a Shenzhen address and Hong Kong registration details.

Three other designated companies have Hong Kong addresses: JLS Dragon Company Limited, linked to G Spring; Standwill Shipping Limited, linked to Ava 6; and Brich Shipping Company Limited, linked to Noble Sea. OFAC also lists Yong Sing Shipping Company Limited as an alias for Brich. 

A sixth company, Saint Abundant International Co Ltd, is described by Treasury as UK-registered and China-based. Its formal OFAC entry gives an address in Coventry, England. The company is linked to King Chain, IMO 9277761.

These connections reflect the addresses, registrations and operating locations identified by US authorities. The announcements do not provide a complete account of the companies’ ultimate beneficial ownership. 

Treasury alleges that Starway transported more than 3 million barrels of Iranian naphtha since 2025, while G Spring carried the equivalent of more than 1 million barrels of Iranian LPG to China since 2021. It also alleges that King Chain transported several million barrels of Iranian methanol to China since 2023.

Those cargo volumes and trading histories are Treasury’s stated grounds for the sanctions; they have not been independently verified.

Seven of the 17 vessels are classified by OFAC as LPG carriers, three as chemical/product tankers and two as asphalt or bitumen tankers. The remaining five are listed as crude, product or combined crude/product tankers.

The cargoes described in Treasury’s announcement include naphtha, high-sulphur fuel oil, bitumen, methanol, propane and butane, alongside crude oil. The scope therefore reaches across several Iranian export trades, with different shipping requirements and customer networks. 

For counterparties, the commercial significance lies in the vessels’ individual employment and ownership relationships. The announcements do not establish whether particular voyages have stopped, cargoes have been delayed or service providers have withdrawn.

Restrictions extend beyond named ships

Under the measures, designated parties’ property and interests in property in the United States, or in the possession or control of US persons, must be blocked and reported to OFAC.

Entities owned 50% or more, directly or indirectly and individually or collectively, by blocked persons are also blocked. Unless licensed or exempt, transactions involving blocked property by US persons or within or transiting the United States are generally prohibited.

Treasury also warned that foreign financial institutions knowingly conducting or facilitating significant transactions on behalf of designated parties could face secondary sanctions, including restrictions on access to US correspondent accounts. 

OFAC issued a separate wind-down authorization on the same day, but its scope is specific. Iran-related General License EE covers certain transactions involving Samudra Marine Services Private Limited and entities it owns by 50% or more, through 12:01 a.m. US Eastern Daylight Time on October 23, 2026.

That authorization does not establish a general grace period for the 17 vessels and associated companies covered by Treasury’s announcement.

Two containerships removed from the list

Alongside the new designations, OFAC removed Hakuna Matata, IMO 9354167, and Pinocchio, IMO 9400112, from the SDN List. Both are identified in OFAC’s records as Liberian-flagged containerships.

Treasury said the vessels, previously listed in June 2025, had left the shadow fleet and been sold to non-sanctioned operators. It cited those changed circumstances as grounds for their removal. The delistings were specific OFAC decisions, rather than an automatic consequence of a change in ownership.

The latest measures form part of Operation Economic Outcast, announced in August. Treasury described the action as effectively neutralizing most of Iran’s remaining shadow fleet network, but its release did not provide operational or trade data sufficient to substantiate that assessment.

The 17-ship figure applies specifically to Treasury’s announcement under Executive Order 13902. OFAC’s full October 8 update added another five vessels under Executive Order 13846, bringing the day’s total to 22 newly listed ships.

The 17 vessels covered by Treasury’s announcement

Vessel types and associated company names below follow OFAC’s October 8 entries. Listed associations do not establish ultimate beneficial ownership.