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MEMBER EVENTS

Talk on Post-FED Interest Rates Hike – Impact to

Marine and Ofshore Industry

Jointly presented by Western Union Business
Solutions (Singapore) Pte Ltd and Singapore

Shipping Association (SSA)

SSA will continue its series of maritime and inance related talks

for members to stay updated on the issues which may impact
shipping and businesses from a inancial perspective.

To kick-of events in 2016, on 27 January, SSA and Western

Union Business Solutions jointly presented a talk on the Post-FED
Interest Rates Hike and its impact on the Marine and Ofshore

industry.

The session started with an opening address by SSA council Following Mr. Lee’s opening address, the speaker, Mr. David
member and Head of Shipping Asia, HSH Nordbank AG, Mr Lee Britten, Head of Dealing, shared his outlook for 2016 and how the

Keng Mun. “The year 2016 started with a BANG! and volatility US rate hikes will impact 2016. He also spoke about the monetary

seems to be the buzzword all around - global equity markets, policies among major currencies and its impact on various
oil price and in fact the entire commodity chain, post-FED rate currencies. The session concluded with case studies to illustrate

hike and interest rate environment, the continuing QE in the EU, how the shipping industry can apply best practices to manage

Japan and possibly China (if not already started) and the various currency exposures. Participants found the session interesting and

currency movements”, said Mr. Lee.thought-provoking.
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Brieing on US Sanctions &

Compliance Issues with the U.S.

Department of Treasury Oice of

Foreign Assets Control (OFAC)

In view of the recent developments and updates on U.S.
sanctions, the SSA organised a brieing on U.S. Sanctions &

Compliance Issues with the U.S. Department of Treasury Oice

of Foreign Assets Control (OFAC) on 8 March 2016, at the MND
Auditorium. The brieing began with an overview of the U.S.

Government sanctions and compliance issues for the shipping Caption: (From left) Frank Boudra, Compliance Oicer, Department

industry as they relate to the Iran and Joint Comprehensive Plan of Treasury Oice of Foreign Assets Control (OFAC), Jamie Earl,
of Action (JPCOA), and was conducted by Acting Deputy Director Attorney Advisor, Department of Treasury Oice of Foreign Assets
Control (OFAC), Andrea Gacki, Acting Deputy Director Department
of Treasury Oice of Foreign Assets Control Department of State,
of Treasury Oice of Foreign Assets Control (OFAC) Department of
Ms. Andrea Gacki. A panel Q&A session followed, where Ms. State, Marianne Choo, SSA General Manager, Tarek Fahmy, Deputy
Director, Bureau of Economic and Business Afairs Oice of Sanctions
Gacki, together with her colleagues, handled queries from the
attendees who participated actively, and listened to the concerns Policy and Implementation, Mark Appleton, Assistant Coordinator for
Iran Nuclear Implementation U.S. Department of State and Daniel
of the Singapore shipping community. The event was attendedMcInTosh, Economic/Sanctions Oicer, Oice of Iranian Afairs,

by 168 people, and the SSA Secretariat thanks Kennedy’s Legal Bureau of Near Eastern Afairs [NEA], United States Department of
Solutions for the generous sponsorship in making the event a State [DOS] and Mark Saavedra, Economic Oicer, Embassy of the

success.United States, Singapore

WAVES | ISSUE 50