Baku, Azerbaijan, Sept. 5
Trend:
Majority of international shipping companies, which were dealing with Iran, have announced that will end their businesses with the Islamic Republic due to US sanctions, an Iranian official said.
Following the implementation of the nuclear deal and removal of the international sanctions in 2016, at least 17 international shipping companies started activities in Iranian ports, Mohammad Rastad, the managing director of Iran Ports and Maritime Organization, said, Fars news agency reported Sept. 5.
“Today, majority of these companies have announced that will stop or limit their activities in Iran,” Rastad said.
The official added that coverage of Iran’s tanker by international insurance firms will also face problems.
International P&I insurers have announced that they will make decision whether to continue business with Iran or not once the second set of the US sanctions comes into force on November 4.
He added that Iran is ready to replace the international insurers with domestic P&I companies.
The United States reimposed stiff economic sanctions on Iran on Aug. 6, ratcheting up pressure on the Islamic Republic despite statements of deep dismay from European allies, three months after President Donald Trump pulled the US out of the 2015 nuclear deal between Tehran and world powers.
A first set of reimposed US sanctions affect financial transactions that involve US dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold. A second batch of US sanctions targeting Iran's oil sector and central bank are to be reimposed on November 4.
Earlier in June, Rastad said that the Iranian government is not concerned about foreign shipping and liner companies’ potential cease of operations at Iran’s ports due to the threat of new US sanctions.
He said that the shipping and liner companies that want to leave Iran’s port (over US sanctions) hold a small share in the country’s shipping sector.