Friday, 11 May 2018 09:08

Carriers reviewing operations in Iran

509 sanctions

US sanctions on the direct or indirect sale, supply, or transfer to or from Iran of graphite, raw, or semi-finished metals such as aluminum and steel, coal, and software for integrating industrial processes are requiring carriers to review their services, operations and business relationships with Iran. Shipping lines serving Iran have a six-month window to leave or cease their operations in the country, following the announcement that the US is withdrawing from the Joint Comprehensive Plan of Action (JCPOA), which in 2015 agreed to lift economic sanctions on Iran in return for the country ending its nuclear weapons programme. Some containers lines have already stopped taking bookings for certain cargoes that would be impacted by the sanctions program.  Iran relies on seaborne trade for both imports as well as for sales of its goods apart from oil and the country had struggled with logistical difficulties before international sanctions were lifted in 2016. Iran’s port operators and shipping sectors, including top cargo operator the Islamic Republic of Iran Shipping Lines (IRISL) and oil tanker group NITC, will once again be blacklisted on Nov. 4.  The US will separately re-impose sanctions on the provision of insurance and reinsurance, which had been another challenge for Iran in the past.

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