US Removes Shipping Sanctions On Iran

20150715-W40000715-IranThe Islamic Republic of Iran Shipping Lines and the country’s leading ports operator, the Tidewater Middle East Maritime Company was removed from the US sanctions and assets freeze list.

The removal came after Iran and P5+1 sealed a historic nuclear accord on Tuesday, IRNA reported.

The names of 16 shipping executives, including IRISL Managing Director Mohammad Hossein Dajmar, and their companies have been delisted along with the related firms.

Iran’s shipping had the biggest number of nationals on a Western blacklist of sanctioned entities for years with 132 shipping companies and 16 executives on the US list in total.

Tidewater had been added to the list of Specially Designated Nationals by the US Treasury in 2011.

A statement by the company 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.

The company performed more than 90 percent of container operations in the main ports in Iran besides handling about one percent of the country’s oil exports before the sanctions were imposed.

The US legislation prohibited all payments to Tidewater, which impaired commercial maritime traffic — even as Iranian ports were not under the sanctions — and curbed otherwise legal trade.

Read the whole story at Iran Daily