Reuters: Iran’s Seaborne Trade Suffers as Sanctions Mount

“Seaborne trade is withering as sanctions are stepped up against the Islamic Republic, freezing bank finance and deterring many international trade and shipping companies from getting involved in deals, industry sources say . . . . ‘I sense that many international shipping companies are challenged beyond what they find can be justified when looking at the potential earnings of trading with Iran,’ said Jakob Larsen, a maritime security officer with BIMCO, the world’s largest private shipowners’ association. ‘Having said that, I think there are still some who are able to carry on their business in a way that does not breach sanctions and yet ensures a decent return on investment.’ Analysts said Asian countries, especially China and India, would continue to buy Iranian crude oil. ‘For those countries not bothered by the prospect of Iran’s alleged program to acquire nuclear weapons, continued consumption of Iran’s oil – perhaps even at distressed prices -may even increase,’ said brokerage Poten & Partners.”