23 Dec 2024
Tuesday 29 May 2018 - 16:34
Story Code : 307035

U.S. sanctions start to pinch shipping in Iran

The Wall Street Journal | Costas Parisand Joanne Chiu: It will be months before newU.S. sanctions against Irantake hold, but global shipping operators are already pulling back from the big oil-exporting nation.


The worlds two biggest shipping lines, Denmarks Maersk Line and Swiss-based Mediterranean Shipping Co., said they were winding down general cargo shipments, while tanker owners said they plan to move their vessels to other oil-producing countries in the Middle East or West Africa.

Even though the U.S. is alone in imposing the new sanctions, I dont thinkany shipping line that operates globallywill be able to do business in Iran if the sanctions arrive in full force, the way they are intended, said Soren Skou, Maersks chief executive.

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