Iranian shipping sector opened up by JCPOA deal
Type
E-journal
Date
16 Mar 2016
Jurisdiction
Iran
Taxonomy
Sanctions, Admiralty, Shipping & Navigation
Copyright
LexisNexis
Relevant company
Clyde & Co
Analysis
From asset freezes and insurance blockades, to bans on SOLAS renewals and even the sale of compasses: the sanctions imposed by the EU and US since 2010 have had a significant impact upon the shipping sector for many years now. Following the JCPOA “Implementation Day” on 16 January 2016, both Iranian and international companies in the shipping sector are now looking to take advantage of the opening up of Iran.
For some significant Iranian shipowners such as NITC and IRISL the sanctions meant that they were placed completely off limits to charterers, cargo interests, and - crucially - insurers by asset freezes. Besides those shipowners subject to asset freezes, any Iranian owned (or even chartered) vessel was prevented from obtaining the services of EU based surveyors, flags or classification societies. EU oil and chemical tankers were off limits to Iranian charterers. Sales of key equipment and technology for the maritime industry, including marine propulsion engines, propellers and, indeed, compasses, were all banned from export to Iran.