Iranian fleet runs aground in Asia
International sanctions have dealt a hard blow to the Islamic republic's official carrier, whose ships are being seized as banks foreclose on mortgages
International efforts to thwart Iran's nuclear ambitions have heralded a change in the sanctions strategy of the United Nations Security Council, with an increased focus on financial services and the world's shipping lanes that deliver Teheran the materials needed to pursue its disputed nuclear programme.
Heading the list of targets is the Islamic Republic of Iran Shipping Lines (IRISL). With perhaps the biggest fleet in the Middle East, the carrier is struggling as banks foreclose on mortgaged vessels and insurers refuse to underwrite its operations. This has resulted in IRISL ships in Asian ports being arrested _ defined under the 1999 International Convention on the Arrest of Ships as "any detention or restriction on removal of a ship by order of a court to secure a maritime claim" _ as banks clamour for their money, causing delays to customers and incurring additional financial penalties.
IRISL vessels _ numbering about 170 _ are among the biggest and newest to ply the global waterways, and were once routinely sighted in Hong Kong, Singapore, Thailand and in the Malaccan Straits dividing Malaysia and Indonesia.
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About the author
- Writer: Luke Hunt
- Position: Writer
