Iran-Led Shipping Firm Nears Collapse Due To Sanctions -- Reuters(Reuters) - An Iranian-led shipping venture is close to collapse after struggling to steer its oil tankers and dry bulk vessels past tightening Western sanctions, a senior company official said on Thursday.
Negotiations are underway between partners Shipping Corp of India and the Islamic Republic of Iran Shipping Lines (IRISL) on how to split the fleet and assets of Irano Hind Shipping, and whether the nearly 40-year-old joint venture will be shut down or not.
Western sanctions aimed at pressuring Tehran to halt its disputed nuclear program prohibit U.S. and European companies from doing business with Irano Hind Shipping due to its links with state-owned IRISL.
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My Comment: Bottom line .... there is no money to be made in shipping sanctioned oil and goods from Iran. I expect the Iranian government will respond by getting directly involved in the shipping business .... but I expect that it will become a huge money loser for them.
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