OFAC: A subsidiary of Bulk Carrier Settles Allegations of Sanctions Violations

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Following sanctions of the operating arm of a Nasdaq-listed bulk carrier for allegedly providing transportation services from Myanmar to Singapore between 2011 and 2014 to Myawaddy Trading Ltd, which was blacklisted by the U.S. at that period, the subsidiary of Eagle Bulk Shipping Inc has agreed to pay $1.13 million to settle the allegations. Although the U.S. Treasury’s Office of Foreign Assets Control responsible for U.S. sanctions removed Myawaddy from its blacklist at the last quarter of 2016, the violation by Eagle Bulk Shipping happened before the sanctions were lifted.