Technorati Tags:
Baltic Dry Index,
Baltic Dry Indices,
Ship Chartering,
Shipchartering,
Voyage Fixtures,
Time Charter Fixtures,
Panamax,
Capesize,
Handymax,
Handysize,
Supramax,
Dry Cargo Fixtures,
Bulk Cargo Fixtures,
Baltic Exchange,
Freight Review,
North Korea Sanctions,
DRPK Vessel,
UN Security Council The UN Security Council has drawn up and agreed a draft resolution on searching sea and air cargoes into and out of North Korea. The resolution, which has the backing of all five permanent members including the DPRK's long-term ally China as well as South Korea and Japan, will also expand the existing arms embargo against the country and freeze money transfers thought to be weapons-linked.
While the draft resolution is reported to allow ship searches in international waters with flag state consent, if that consent is not given - as seems likely with North Korea - the flag nation is only required to direct the ship to proceed to a "convenient" port for inspection by local authorities, and does not authorise the use of force. North Korea has said that it will regard any further sanctions or attempts to search its vessels as an act of war.