[260710.EN.BIZ] Iran's Shipping Business Curtailed By Global Sanctions

THE European Union will tighten sanctions beyond those imposed by the UN of inspecting Iranian cargo on ships and aircraft, as well as blocking oil and gas investment and curtailing its refining and natural gas capability because of its refusal to halt uranium enrichment.

Inspections and lack of insurance has already hit Iranian shipping with insurers avoiding Iran for fear of breaking US law.

In a report from The Washington Post an Iranian shipping service provider Sea Pars said all Iranian-flagged ships are facing problems of insurance coverage globally because of the new sanctions. Sea Pars deputy manager Mohammad Rounaghi said, "Basically, most ports will refuse them entry if they are not covered for possible damages."

However Islamic Republic of Iran Shipping Lines (IRSL) managing director Mohammad Hussein Dajmar claims the sanctions are not affecting its fleet of 160 vessels. "The world has many ports. We will sail to those nations that want to do business with us."

Iranian nuclear negotiator Saeed Jalili letter to the EU hints at a possible resumption of dialogue with the six powers of the US, Russia, China, Britain, France and Germany over Iran's nuclear programme with possible resumption after Ramandan in September.

Source : HKSG, 26.07.10.