US Secretary of State Mike Pompeo has granted an exception to some US sanctions that will enable the India-led development of Chabahar port in Iran. This Port is considered as a corridor to advance Afghanistan’s economy. The waiver permits the construction of a railway line from Chabahar port to Afghanistan, as well as shipments to the latter of non-sanctionable goods.
The oil market is about to face a difficult few months, after the US imposed secondary sanctions on Iranian exports. This led Brent to over US$80 a barrel in October. However, currently there is enough supply to meet demand this winter, but the margin for error is little, Woodmac said.
The United States has granted temporary exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey allowing them to continue buying Iranian oil. More than 20 importing nations have zeroed out their imports of crude oil from Iran.
As the US has withdrawn from the JCPOA, it will impose additional extra territorial sanctions in relation to Iran, starting from 4 November 2018, the Swedish Club informed. One consequence of the new sanction is that banks are reluctant to make any payments related with Iran,
According to BIMCO Iran emerged as the number one buyer of US soya beans. Namely, during August 2018, 414,000 tonnes, an amount that equals five Panamax loads of soya beans were shipped to Iran. This amounts to 13.2% of total US soya bean exports in August.
Iran will react with equal countermeasures if Washington tries to block its oil exports, Reuters reported in July. In response, US has recently said it is full prepared to keep regional commerce flowing through the Arabian Gulf and committed to ensuring the safety of the region.
West of England P&I Club outlined the potential impacts for shipowners and insurers that will arise from the US’s decision to withdraw from the Joint Comprehensive Plan of Action agreement signed by China, France, Germany, Russia, the United Kingdom, the United States, the European Union (EU) and Iran.
Following the US decision to withdraw from the JCPOA with Iran, President Trump issued an Executive Order on 6 August 2018, which essentially re-imposes the secondary sanctions against Iran. These sanctions were contained in the EOs revoked when the JCPOA was implemented in January 2016.
French shipping major CMA CGM has decided to pull out of Iran following the US government’s decision to renew sanctions on companies operating in the country, according to an official announcement by the company’s chief executive, during an economic conference in south France, on Saturday.
German shipping line Hapag-Lloyd, the world’s fifth largest container company, has stopped one of two feeder services to Iran and will decide on the remaining one before a November 4 deadline imposed by the United States, which has recently reimposed sanctions on Tehran.
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