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US Sanctions on COSCO Companies Hit US-Listed Teekay

October 1, 2019

The sanctions were imposed on COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co.

As explained by Teekay, COSCO Dalian is a direct 50% shareholder in China LNG Shipping (Holdings) Limited (CLNG).

CLNG was not listed on the recent Office of Foreign Assets Control (OFAC) Order or otherwise directly implicated in any sanctioned activity, but by virtue of being 50% owned by COSCO Dalian, CLNG currently qualifies as a “blocked person” under OFAC rules.

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