Chairman of the Islamic Republic of Iran Shipping Lines (IRISL) says three impounded Iranian vessels in Singapore will be released in the near future.
In December 2010, three Iranian vessels, named Tochal, Sahand and Sabalan were impounded in Singapore for auction by order of the French bank Credit Agricole Corporate and Investment Bank.
The vessels will be released after January 5, when the courts open, since their 200 million dollars loan from the French bank has been paid back in full, Mohammad Dajmar said on Sunday
"The USD 200 million was the remainder of a loan received from a French bank, but they claim that since these ships did not have creditable insurance, the status of the loan was changed to an overdue debt," Dajmar said, a Press TV correspondent reported.
"This is while they [the West] banned British insurance [companies] from insuring Iranian ships," Dajmar said, adding that Tehran had to insure its vessels by Moallem Insurance which is supported by a consortium of Iranian insurance companies.
Regarding two other Iranian vessels which were impounded in Hong Kong and Malta, Dajmar said these ships were confiscated since a German bank changed the status of their loan to an overdue debt.
"We are negotiating to release these [vessels] through providing domestic resources," head of IRISL explained.
Amid a standoff fueled by Western allegations that Tehran is following a military nuclear program, the UN Security Council imposed a fourth round of sanctions against Iran's financial and military sectors.
Shortly afterwards, Washington and its allies imposed unilateral sanctions against Iran's financial, energy, banking and shipping sectors.
Iran has repeatedly refuted US-led allegations, maintaining its nuclear program is purely aimed at civilian purposes, including medical research and meeting the ever-increasing energy demands at home.