OceanEXL Responds to Resolution of Investigation by UAE Maritime Administration
17 September 2024
Dubai, United Arab Emirates
OceanEXL FZC note the conclusion of the investigation conducted by the UAE Maritime Administration, which has resulted in a summary penalty order prohibiting OceanEXL FZC from supplying and trading fuel to ships in UAE waters. The penalties were imposed due to the absence of a navigation license on the supplying vessel, the provision of incorrect products, and the dissemination of misleading information. The investigation have been concluded and no further inquiries are pending against OceanEXL FZC nor any other OceanEXL entities.
OceanEXL is committed to transparency and are actively cooperating with UAE Maritime Authorities throughout this process. In light of the findings, OceanEXL Group of Companies has implemented significant enhancements to its compliance program and is maintaining ongoing communication with authorities to ensure adherence to the guidelines and laws set forth by the UAE Maritime Administration.
As part of this restructuring, OceanEXL has made leadership changes, including the dismissal of its former Head of Trading. All trading operations will now be overseen by Parham Zamani as Head of Trading, with the highest dedication to upholding the highest standards of compliance and integrity.
OceanEXL Group of Companies remains steadfast in its commitment to ethical practices across all business operations. We believe that actions contrary to our core values have no place within our organization.
In a statement, Jesper Uhre Espensen, Partner and Head of Shipping at OceanEXL, remarked:
“OceanEXL is pleased to have resolved these investigations pertaining to wrongful supply. This resolution brings clarity to the case against OceanEXL FZC.
“The Board and management of OceanEXL Group of Companies are unequivocal in their stance—adherence to our values, policies, and legal obligations is non-negotiable. We are making substantial investments in enhancing our Ethics and Compliance Program. We are dedicated to further strengthening this program and embedding ethics and compliance into every aspect of our operations globally.”
For further information, please contact:
Legal representative
Robert Lawrence
Partner, HFW Dubai
robert.lawrence@hfw.com
Management
Parham Zamani
Partner, Head of Trading and Capital
pza@oceanexl.com
Notes for Clients, Partners, Traders, and Suppliers:
OceanEXL FZC operates as a standalone company with separate management and financial structures. The resolution and conclusion of the investigation do not involve other OceanEXL entities.
Other OceanEXL entities continue to carry out their shipping and trading businesses as usual, with no implications to obligations, projects, or operations. These entities are managed separately under different leadership, staff, and banking arrangements.