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German Hapag-Lloyd scaling back Iran business

Logistic News - Published on Wed, 13 Jun 2018

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Reuters reported that German shipping line Hapag-Lloyd has stopped one of two feeder services to Iran and will decide on the remaining one before a Nov. 4 deadline imposed by the United States, which has reimposed sanctions on Tehran. Hamburg-based Hapag-Lloyd, the world’s fifth largest container company, said that it had initiated a process to stop handling products included in the list of commodities hit by US sanctions, within the required wind down timeline.

The group said that it did not have any direct services handling Iran volumes of its own, saying it used partners.

Hapag Lloyd said that “One of these two services has been discontinued, with the other under review.” It said the company was awaiting further clarification as to what operations would be permitted after the wind-down period in order to take final decisions on whether to serve Iran.

MSC, the world’s No. 2 container shipping line, said last month it would stop taking new bookings for Iran but would complete acceptable cargoes such as foodstuffs during the wind-down period.

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Posted By : Amom Remju on Wed, 13 Jun 2018
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