Shipping

"Given the dearth of capital investment in Iran dating back 30 years, there are also significant infrastructure building opportunities to support the expansion in global trade. So while companies like UK-based Seafast Logistics are forming joint ventures with Iranian logistics providers on container shipping, break bulk, project cargo, refrigerated goods, and air freight into and from all Iranian ports, U.S. logistics firms can only watch…and wait for something to change." (Global Trade, "Transportation/Logistics:Iran is Back Open for Business," 11/1/2016).

So despite concerns over regulation and reputation, that opportunity explains the caravan of container carriers that started resuming service to Iran back in January. The Iranian port at Bandar Abbas now welcomes ships from Evergreen, Hyundai, OOCL, Hanjin, “K” Line, KMTC, X-Press, Yang Ming, and many more... (Global Trade, "Transportation/Logistics:Iran is Back Open for Business," 11/1/2016).

"So despite concerns over regulation and reputation, that opportunity explains the caravan of container carriers that started resuming service to Iran back in January. The Iranian port at Bandar Abbas now welcomes ships from Evergreen, Hyundai, OOCL, Hanjin, “K” Line, KMTC, X-Press, Yang Ming, and many more..." (Global Trade, "Transportation/Logistics:Iran is Back Open for Business," 11/1/2016).

"Cargolux (CV, Luxembourg) is in talks with Iran Air (IR, Tehran Mehrabad) over possible cooperation in the future an airline spokeswoman has confirmed to ch-aviation. The cargo specialist sent several representatives to Iran last week as part of a forty-strong business delegation led by Luxembourg's Economy Minister and Deputy Prime Minister Etienne Schneider to explore possible investment opportunities. "We are in discussions with them to explore if there [are] business opportunities," Cargolux's Head of Corporate Communications, Moa Sigurdardottir, said in an emailed statement. "At this stage nothing has been signed." Local press reports have indicated Cargolux will likely resume its Iranian operations with charter flights which, if successful, could lead to scheduled services. The carrier withdrew from the Iranian market in 2007." (ch-aviation, "Luxembourg's Cargolux is in talks with Iran Air," 10/27/2016).

Netherlands Water Partnership is listed as one of the companies participating in the Dutch delegation visiting Iran from Sunday 23 to Friday 28 October. The purpose of the visit is to strengthen the economic ties in order for the Dutch companies to gain access to the Iranian market. (Government of Netherlands, "Minister Schultz to lead trade mission to Iran," 10/21/2016).

STC Group is listed as one of the companies participating in the Dutch delegation visiting Iran from Sunday 23 to Friday 28 October. The purpose of the visit is to strengthen the economic ties in order for the Dutch companies to gain access to the Iranian market. (Government of Netherlands, "Minister Schultz to lead trade mission to Iran," 10/21/2016).

Damen is set to speak at the upcoming Netherlands-Iran Forum (the “Forum”) in Amsterdam to be held on February 16-17, 2017.  (Netherlands-Iran Forum Website, “The First Netherlands-Iran Forum”).  According to the Forum website, “The First Netherlands-Iran Forum is specifically designed for Dutch companies from the Agriculture, Oil & Gas and Maritime industries that look into expanding business in Iran and for Iranian companies seeking business partners in The Netherlands.”  (Netherlands-Iran Forum Website, “Who Should Attend”).  "Damen will share the speaking stage with Bank Melli.  Iran’s Arvandan Shipbuilding Company and Netherlands’ Damen Shipyards signed a memorandum of understanding (MoU) for cooperation in shipbuilding industry, reports Trend News Agency." (November 12, 2017)

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Damen Shipyards is listed as one of the companies participating in the Dutch delegation visiting Iran from Sunday 23 to Friday 28 October. The purpose of the visit is to strengthen the economic ties in order for the Dutch companies to gain access to the Iranian market. (Government of Netherlands, "Minister Schultz to lead trade mission to Iran," 10/21/2016).

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At the Iran International Maritime & Offshore Technologies Exhibition (“IRANIMEX2016”) held on Iran’s Kish Island on October 18-21, 2016, Damen reportedly expressed desire to ramp up the company’s Iranian business. (Dry Dock Magazine Website, “Sanctions lifting boosts interest for Iranimex show,” 10/8/2016).

"Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions ten months on from the lifting of international sanctions...Iran is in more active talks with insurers to provide cover in a market valued at $9 billion overall last year and potentially double that in the next decade. Western companies need insurance in order to resume business with Iran. Shipping and trade credit insurance, which remove the risk of non-payment for goods, are the first types of insurance being offered...the UK's Standard Club said they were covering vessels trading to and from Iran, but did not say whether this related to Iranian shipping firms.." (Reuters, "Cautious Western insurers rebuild business ties with Iran," 10/21/2016).

 Shipowners and charterers who are considering trading to Iran should understand that P&I cover for such trade is unlikely to remain in place where there is a risk that providing insurance risks the imposition of sanctions by the US. (“US sanctions on Iran – Announcement by President Trump on 8 May 2018,” Skuld, May 25, 2018.)

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"Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions ten months on from the lifting of international sanctions...Iran is in more active talks with insurers to provide cover in a market valued at $9 billion overall last year and potentially double that in the next decade. Western companies need insurance in order to resume business with Iran. Shipping and trade credit insurance, which remove the risk of non-payment for goods, are the first types of insurance being offered...Norwegian ship insurer Skuld said it was in discussions with IRISL, while it was already insuring NITC ships." (Reuters, "Cautious Western insurers rebuild business ties with Iran," 10/21/2016).

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"The Islamic Republic of Iran Shipping Lines (IRISL) and Norway’s SKULD marine insurance company signed a memorandum of understanding (MOU) in the field of shipping insurance, IRIB news agency reported on Thursday. Based on the MOU, the Norwegian company will provide IRISL with different kinds of sea insurances and handle the complaints pertain to the insurances. SKULD will also cooperate with IRISL regarding training of personnel and upgrading knowledge and capabilities of the Iranian experts." (August 20, 2016). 

"Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions ten months on from the lifting of international sanctions...Iran is in more active talks with insurers to provide cover in a market valued at $9 billion overall last year and potentially double that in the next decade. Western companies need insurance in order to resume business with Iran. Shipping and trade credit insurance, which remove the risk of non-payment for goods, are the first types of insurance being offered...Jonathan Andrews, director and head of eastern underwriting with Britain's Steamship Mutual, said it was insuring ships for Iranian tanker operator NITC and also for Iranian cargo ship operator IRISL.'We have a long history of insuring Iranian ship owners,' Andrews told Reuters. 'We are happy to be insuring our former members again.'" (Reuters, "Cautious Western insurers rebuild business ties with Iran," 10/21/2016).