German Container Line Scaling Back Iran Business
German Container Line Scaling Back Iran Business

German Container Line Scaling Back Iran Business

German Container Line Scaling Back Iran Business

German shipping line Hapag-Lloyd has stopped one of two feeder services to Iran and will decide on the remaining one before a Nov. 4 deadline imposed by the United States, which has reimposed sanctions on Tehran.
Hamburg-based Hapag-Lloyd, the world’s fifth largest container company, said it had initiated a process to stop handling products included in the list of commodities hit by US sanctions, within the required wind-down timeline, Reuters reported.
The group said it did not have any direct services handling Iran volumes of its own, saying it used partners.
“One of these two services has been discontinued, with the other under review,” Hapag-Lloyd said in a written reply to Reuters’ questions.
It said the company was awaiting further clarification as to what operations would be permitted after the wind-down period to take final decisions on whether to serve Iran.
MSC, the world’s No. 2 container shipping line, said last month it would stop taking new bookings for Iran but would complete acceptable cargoes such as foodstuffs during the wind-down period.
World market leader Maersk Line also said it was reviewing its Iran operations.
Hapag-Lloyd, like the two other companies, services Iran via third-party feeder ships from the Jebel Ali hub in the UAE. Under a 2015 agreement, the United States and five other world powers agreed to lift sanctions on Iran in exchange for limits to Tehran’s nuclear program. Washington said this year it was withdrawing from the deal and would reimpose sanctions.

Short URL : https://goo.gl/Vmhigt
  1. https://goo.gl/N1KeM9
  • https://goo.gl/MqwpGs
  • https://goo.gl/ZdQvyp
  • https://goo.gl/VMxEw2
  • https://goo.gl/LdPjm7

You can also read ...

CBI, Capital Market Agree to Control  Gold Coin Bull Run
As gold coin prices are skyrocketing, the Central Bank of Iran...
Xiaomi’s Hong Kong IPO
Xiaomi, one of the world’s leading smartphone makers, is...
Top US Court Restricts Police on Cellphone Location Data
The US Supreme Court on Friday imposed limits on the ability...
Iran Explores Int’l Space Collaborations at UN Meeting
Officials with Iran Space Agency participated in the two-day...
Mohammad Javad Zarif (4th L) addressed representatives of Iran Chamber of Commerce, Industries, Mines and Agriculture on June 24. (Photo: Bahareh Taghiabadi )
Foreign Minister Mohammad Javad Zarif assured the business...
$1.5b in Tax Evasion Identified From Bank Accounts
About 63 trillion rials ($1.49 billion) worth of unpaid tax...
Experts believe the import ban would lead to a further rise in smuggling and market disruption.
The government has banned the import of 1,339 commodities...
TEDPIX Breaks Above 112,000 to Notch New High
Tehran Stock Exchange’s main index gained 2,659.33 points or 2...

Add new comment

Read our comment policy before posting your viewpoints