Latest US sanctions against Iran unlikely to affect steel shipping costs - sources

US sanctions against Islamic Republic of Iran Shipping Lines (IRISL) and its Shanghai-based subsidiary, E-Sail Shipping Co, are unlikely to have an impact on steel freight costs, sources told Fastmarkets on Wednesday June 10.

The US Treasury Department 8 designated 121 tankers, container ships and other vessels owned or tied to Iranian shipper IRISL for additional secondary sanctions, which came into force on June 8 “These designations serve as a clear warning that anyone doing business with or otherwise supporting IRISL or E-Sail are exposed to potential sanctions and risk contributing to Iran’s proliferation-sensitive programs, including its nuclear and missile programs,” US secretary of state Mike Pompeo said on Monday. When it made the original announcement about the designations in December 2019, the US State Department said: “IRSIL [has] repeatedly transported items...


Vlada Novokreshchenova

June 10, 2020

20:24 GMT