COSCO, CSCL Drop Iran Ties As Latest U.S. Sanctions Bite LONDON, July 1 (Reuters) – Two top Chinese shipping lines severed ties with Iran as tough new U.S. sanctions over the country’s disputed nuclear programme came into effect on Monday, leaving the country increasingly dependent on front companies and overland routes. Many of Iran’s imports, including food and consumer goods, arrive by ship, either directly or via feeder services from places like the United Arab Emirates, and the latest set of sanctions are likely to worsen an already deep economic crisis. The U.S. National Defense Authorization Act (NDAA), which came into effect on July 1, blacklists Iran’s shipping, shipbuilding, energy and port management sectors. While the NDAA has an explicit exemption for food, medicine and other humanitarian goods, foreign shipping firms have pulled out to avoid falling foul of its provisions. China is among Tehran’s main allies, but its shipping firms are also bailing out. China Shipping Container Lines Co (CSCL) , among the world’s top 10 lines, has become the latest group to exit Iran, a CSCL official confirmed. China’s COSCO Container Lines, the world’s number 5 player, was another firm to end ties.
Posted on: Tue, 02 Jul 2013 07:31:56 +0000
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