US officials have confirmed that the sanctions regime would apply to non-US firms with operations in the country or using its banking system, following the US decision to withdraw from the joint comprehensive plan of action (JCPOA) announced on May 8th..
Huge impact is made on shipping industry because of the sanction. What’s the updated situation so far?
Danish oil product tanker operator Maersk Tankers said it would wind down its customer agreements in Iran by November following new U.S. sanctions on Tehran.
The company will perform customer agreements entered into before May 8 and ensure that they are wound down by November 4, as required by the re-imposed U.S. sanctions.
We are closely monitoring developments and assessing the potential impact on our activities while staying in dialogue with our customers to inform them in case of changes.
In consideration of the impending US withdrawal from the JCPOA and corresponding re-enlargement of its sanctions programme, MSC is ceasing to provide access to services to and from Iran.
While MSC is not accepting bookings for shipments originating from Iran, or destined to Iran, we will continue to carry certain legally acceptable cargoes during the wind-down period, notably for importation of foodstuffs.
The ability of other ocean liners to continue serving Iran is now in question after the US would re-impose sanctions in three-to-six months. But so far, there are some shipping companies still accepting cargoes from or to Iran although shipping prices get higher, while others are not.
Available acceptance by:
● HMM
● HPL
● ESL
● OOCL
● WHL
● EMC
● PIL
● YML
● COSCO (available before May 25th,2018)
Unavailable acceptance by:
● APL
● CMA
● MSK
● ONE/MSC
Worse still, Iran's national shipping line, IRISL, was also singled out by the US and will be subject to sanctions following the 180-day wind-down period, leaving in doubt a newbuild order it placed with South Korean shipbuilder Hyundai Heavy Industries for four 14,500 TEU containerships in late 2016.
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Ref | Business Standard
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