US removes sanctions on Iran's premier shipping line
The Islamic Republic of Iran Shipping Lines (IRISL) and the country’s leading ports operator, the Tidewater Middle East Maritime Company, have been delisted from the US list of companies designated for sanctions and assets freeze.
Coming just hours after officials from Iran and the P5+1 group of nations sealed a historic nuclear accord on July 14th, the move puts Iran in position to recover trade volumes and re-establish itself as a major maritime player and trade partner in the Middle East.
The names of 16 shipping executives, including IRISL managing director Mohammad Hossein Dajmar, and their companies have been delisted along with the related firms, the IRNA news agency reported.
IRNA said 132 shipping companies and 16 executives were on the US list in total.
A statement by Tidewater said all sanctions against Tidewater had been formally abolished, adding it would soon begin “serious” talks with foreign sides for new trade.
“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.
Iran relies on container and bulk carriers to transport goods. The Tuesday agreement also lifted US and EU sanctions on dozens of Iranian shipping companies and major ocean carriers are already stepping up port calls to Iran as the country’s massive maritime trade sector is emerging from the sanctions.