FOUR new 14,500-TEU vessels from Hyundai Heavy Industries have been sold by Islamic Republic of Iran Shipping Lines (IRISL) to a Shanghai NVOCC called Reach Holding Group to avoid being beached after the US re-imposed sanctions against Iran
FOUR new 14,500-TEU vessels from Hyundai Heavy Industries have been sold by Islamic Republic of Iran Shipping Lines (IRISL) to a Shanghai NVOCC called Reach Holding Group to avoid being beached after the US re-imposed sanctions against Iran.
Targeting Iran's nuclear programme, the administration of US President Donald Trump banned all transactions with Iran, forbidding shippers to pay IRISL without risking penalties from the US Treasury Department.
IRISL resolved the problem by transferring ownership of these ships to Chinese business partner Reach Holdings, a diversified logistics business with activities in hotel management, which entered into a joint venture with IRISL last year.
The new ships are now named Tenreach, Fanreach, Goodreach and Canreach, and will operate on a single rotation serving the Far East and outheast Asian markets and not Iranian ports.
Under the terms of American sanctions, shippers will not be able to make payments for IRISL's services without risking penalties from the U.S. Treasury Department.
Last week the Canreach was getting under way off Zhoushan, while Goodreach and Fanreach were at anchor there. The Tenreach is believed to be on her maiden voyage from Zhoushan.
The ships had been under the control of Istanbul Shipping since August 2018. Istanbul Shipping's other ships are smaller geared vessels, formerly owned by IRISL.
