Lloyd’s List: Caution the Watchword on Trade with Iran

“When it comes to doing business with Iran, the guiding principle across all areas of maritime activity at the moment is one of extreme caution. The new US sanctions enacted on July 1 explicitly targeted ‘petroleum and natural gas resources’ in a move that also focused sharply on the transportation chain . . . . In a detailed analysis, Poten Tanker Research stressed the need for a prudent approach to any business dealings with an Iranian angle: ‘There are a number of uncertainties surrounding the new Iran sanctions and the implications for tanker demand will likely evolve in the months to come. Considering that even foreign-flagged shipping companies are likely to eventually conduct some business involving American entities, the most severe repercussions possible under the bill could be significant. In light of this reality, it is vitally important for international shipping companies to carefully monitor their operations to ensure they do not knowingly run foul of the new law.'”