In a bid to take advantage of the recent sanction lift and boost its presence in Iran, the world’s third largest shipping company CMA CGM has signed an agreement with the Islamic Republic of Iran Shipping Lines (IRISL), which will see both companies jointly operating routes and container terminals, as well as sharing vessel capacity, according to gCaptain.
CMA CGM said: “The progressive lifting of sanctions should bring strong growth in trade between Iran and the rest of the world. This agreement opens new opportunities for CMA CGM to expand in this region.”
World-leading shipping line Maersk previously announced that it will not start shipping goods to and from Iran until the sanctions are lifted.
Drewry Maritime Advisors previously stated that the lifting of sanctions could cast a positive light over the shipping industry as there are opportunities for lines to reconnect to an economically struggling country.