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Ports Industry Lose Out In Cuba Crackdown

Port construction companies are amongst businesses which could be affected by US government action enabling parties to sue businesses in Cuba deemed to have profited off private land seized during the country’s 1959 revolution.

As part of a crackdown on socialism in Cuba, reported Politico, President Trump’s national security adviser John Bolton said that a portion of the ‘Title III of the Cuban Liberty and Democratic Solidarity (Libertad) Act of 1996’ would be activated. This will allow US citizens whose property was seized in Cuba after Fidel Castro’s regime took power to sue businesses who have made money from the “trafficking” of “stolen” land. There are reportedly already claims for the Port of Havana.

Mr Bolton also announced sanctions targeting the governments in Venezuela and Nicaragua.

In a speech to the Bay of Pigs Veterans Association, Mr Bolton confirmed that a ship involved in transporting oil from Venezuela to Cuba has this month been denied entry to a US port for the first time.

In a transcript of the speech, published by TruNews, Mr Bolton said that the ship, The Iron Point, belonged to a company that is one of multiple firms to have been sanctioned for transporting oil from Venezuela to Cuba.

He said the US has “imposed sanctions on four companies and nine vessels that transported oil from Venezuela to Cuba in recent months.

“This follows our action earlier this month to sanction 35 vessels, and two companies, involved in shipping subsidized oil from Venezuela to Cuba.”

PSA International, which manages a container terminal at the Port of Mariel, issued a “no comment” to Port Strategy, when asked about the Act’s potential impact.
Source: Platts

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