Iran’s Maritime Sector: Sanctions Relief
Iranian shipping interests have been removed from the United States list of companies designated for sanctions and assets freeze.
The Islamic Republic of Iran Shipping Lines (IRISL) and Tidewater Middle East Maritime Company, the country’s biggest ports operator, are among the companies receiving relief in the wake of nuclear deal struck between Iran and the P5+1 countries on July 14.
Also delisted were 16 shipping executives, including IRISL managing director Mohammad Hossein Dajmar. The relief from the sanctions will allow Iran to recover trade volumes and re-establish itself as a maritime player.
A statement by Tidewater said all sanctions against Tidewater had been formally abolished, adding it would soon begin “serious” talks for new business.
“From now on, Tidewater is ready to participate with all power and capacity in financing various ports projects along with other Iranian maritime companies,” the statement said.
Tidewater handled more than 90 percent of container operations at the main ports in Iran before the sanctions were imposed. The U.S. sanctions prohibited all payments to Tidewater, which impaired commercial maritime traffic.
International shipping lines are already stepping up port calls to Iran, according to published reports. The port of Shahid Rajaee, Iran’s biggest container port located at the mouth of the Strait of Hormuz, received calls from seven major shipping lines.
Need a Logistics Provider?
Compare over 100 Instantly
Five-Point Plan Implemented for UK Port Success