Ship only signed up with PISR on December 8

By: L.N. Reklai

January 2, 2018 (Koror, Palau) Palau International Shipping Registry (PISR) vehemently refutes statements issued by media that the one of the four ships blocked by UN Security Council for alleged violations of North Korea Sanctions was registered under Palau flag.

PISR stated that M/T Billions 18 when it allegedly broke UN Sanctions was not flying Palau flag but was registered to Panama.


According to Panos Kirnidis, CEO of PISR, the vessel only became part of the Palau fleet after the detailed vetting procedure was completed, before registering the ship under Palau flag.

“We have only accepted the vessel into PISR on 8th of December of 2017 under the name M/T Kingsway changing flag in Taiwan from Panama to Palau and since then the vessel has not left Taiwanese waters. PISR has the highest operating standards for all vessels registered to fly the Palau flag and before we accepted M/T Kingsway (ex M/T Billions 18) into Palau registry, it underwent a strict vetting process through the Office of Foreign Asset Control (OFAC) database and the current UN resolutions.  During the process and until today, the ship has not been listed in OFAC, UN, EU, or HM Treasury sanction lists; even more the allegations for violations of the sanctions came to Palau Registry recently and after the provisional registration of the ship.”

Mr. Kirnidis also state that after the recent media reports, PISR withdrew the registration documentation of the ship.

“We have the strongest commitment to maritime safety and security and this extends to the observation of all international regulations concerning vessels operating under the Palau flag. As a responsible member of the United Nations International Maritime Organization (IMO) we have always operated under the codes and regulations defined,” expressed Mr. Kirnidis. [/restrict]