The Afghan Ministry of Transportation is considering to form the shipping sector, in order for ships to be able to conduct commercial activities flying the Afghanistan’s flag in free waters. The shipping line which will be shared with neighboring countries such as Iran and India, along with other countries of the region as well.
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As the US has withdrawn from the JCPOA, it will impose additional extra territorial sanctions in relation to Iran, starting from 4 November 2018, the Swedish Club informed.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,
The Ministerial Meeting of the Foreign Ministers of China, France, Germany, Russia and the UK will set up a legal entity to facilitate legitimate financial transactions with Iran and allow European companies to continue trade with Iran. Namely, the participants considered ways forward to ensure the full and effective implementation of the JCPOA in all its aspects.
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.
BIMCO informed that the US sanctions on Iran are affecting the tanker shipping industry. The immediate effects may be less tangible but they add more uncertainty to the whole shipping industry that has plenty of uncertainty to deal with. Freight rates for crude oil tankers and oil product tankers are making losses.
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