Sanctions are a powerful instrument in international relations, shaping global trade by imposing restrictions on specific activities, transactions, and partnerships. These sanctions extend beyond straightforward trade prohibitions, influencing counterparty relationships, disrupting supply chain logistics, and altering contractual agreements. In the maritime industry - where operations frequently span multiple jurisdictions with diverse regulatory frameworks - understanding the scope and impact of sanctions is essential. These measures can have far-reaching consequences for shipping companies, their trading partners, insurers and financiers, creating legal, financial and reputational risks.
Jointly organised by BIMCO and the Association of Certified Sanctions Specialists (ACSS)
Discounts
10% group discount is available for registering 3 or more participants from the same company.
What will you learn?
The first session will focus on the fundamental aspects of sanctions and their relevance to the shipping industry. Participants will gain insights into the types of sanctions that may affect their operations and the importance of due diligence in trading relationships to detect sanctions risks.
The second session will cover the evolving sanctions landscape in the shipping industry, focusing on the importance of compliance and the BIMCO sanctions clauses. Participants will learn how to implement effective compliance programmes and manage sanctions risks effectively.
Session 1: Understanding Sanctions and Their Implications (90 minutes)
Content Overview:
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Sanctions Jurisdiction: Understand which sanctions have jurisdiction over your company and how they may also apply to trading partners, banks, insurers or reinsurers.
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Counterparty Analysis: Learn how to identify and evaluate trading partners for potential "party" related sanctions risks that could impact the ability to complete transactions.
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Trade Content Evaluation: Assess the nature of your trades to identify any "activity" related sanctions risks that may affect your trading capabilities.
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Practical Trade Issues: Discuss practical considerations and challenges that may arise during trade, including logistical and regulatory issues.
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Impact on Bank Relationship and Insurance Coverage: Explore how sanctions can influence bank relationships and insurance arrangements and what steps can be taken to mitigate potential risks.
Session 2: Implementing Compliance and Navigating the Regulatory Landscape (90 minutes)
Content Overview:
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Sanctions as a Geopolitical Tool: Understand the role of sanctions as a geopolitical tool and the complexities involved in navigating them contractually.
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Benefits of Utilising BIMCO Clauses: Explore the dual benefits of using the BIMCO sanctions clauses, including the ability to terminate contracts and make performance adjustments in the context of sanctioned activities.
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Container Industry Considerations: Discuss the provisions applicable to the container industry and operators’ responsibilities under the BIMCO sanctions clause.
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STS Transfers and Compliance: Learn about the complexities of Ship-to-Ship transfers and the necessary stipulations in charter parties to manage sanctions risks effectively.
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Pillars of Sanctions Compliance: We conclude with the five essential elements of a sanctions compliance programme to protect your business from reputational harm, fines, and penalties.
Starting time (for both sessions 1 and 2):
09:00 UTC
10:00 CET
See the time in your local time zone.
How will participation in this course help you achieve your professional goals?
This seminar, jointly organised by BIMCO and the Association of Certified Sanctions Specialists (ACSS), is designed to help professionals safeguard their organisations, ensuring resilience and strategic agility in the face of growing regulatory pressures in the maritime industry.
Combining BIMCO’s expertise in maritime contracts with ACSS’s in-depth knowledge of sanctions frameworks, this seminar delivers a comprehensive approach to navigating an increasingly complex regulatory environment.
By attending this seminar, you will deepen your understanding of the global sanctions landscape and acquire practical tools to address compliance challenges. Through in-depth discussions and real-world examples, the seminar enhances your ability to make informed decisions, manage risks and ensure your organisation's compliance.
Understanding BIMCO’s sanctions clauses and ACSS’s compliance strategies will strengthen your credentials as a knowledgeable and reliable professional in the field.
Course materials
BIMCO issues electronic course files as an Adobe PDF file enabling you to make personal notes. All documentation and presentations will be in English. Course access details will be provided a week before the course start date if the registration is completed.
