SHIP Act

Stop Harboring Iranian Petroleum Act or the SHIP Act

This bill requires the President to impose visa- and property-blocking sanctions against foreign persons that knowingly transport, process, refine, or otherwise deal in petroleum and petroleum products (including petrochemicals) originating in Iran.

These sanctions also extend to certain foreign persons associated with the sanctioned individual, such as adult family members and any entities owned by the sanctioned individual. (The sanctions do not apply to such adult family members if the President determines they have disassociated themselves from the sanctioned individual and have not assisted in concealing assets.)

The sanctions do not apply to the importation of goods.

The SHIP Act, also known as Bill 118 hr 3774, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address issues related to the shipping industry in the United States.

The SHIP Act aims to improve the efficiency and competitiveness of the US shipping industry by providing support and incentives for companies operating in this sector. It includes provisions for funding research and development in the shipping industry, as well as measures to streamline regulations and reduce bureaucratic red tape.

Additionally, the SHIP Act seeks to promote environmental sustainability in the shipping industry by encouraging the use of cleaner and more efficient technologies. This includes provisions for funding and incentives for companies that invest in environmentally friendly practices and technologies. Overall, the SHIP Act is designed to support and strengthen the US shipping industry, while also promoting sustainability and innovation in this important sector of the economy. It is currently being debated in Congress, with supporters arguing that it will help create jobs and boost economic growth, while critics raise concerns about potential costs and unintended consequences.