Container shipping line Islamic Republic of Iran Shipping Lines (IRISL) will have recovered the business it lost as a result of international sanctions by mid-2017, reported Reuters.
Following exhaustive negotiations, led by the US, international sanctions put in place aimed at curtailing Iran’s nuclear ambitions, were lifted in January, paving the way for the country to participate on the world stage again.
International sanctions were lifted in January following an agreement with world powers on Tehran's disputed nuclear programme.
Technical Paper: The Return of Iranian Ports in the Post-Sanction Era
Mohammad Saeidi, Chairman of IRISL, said: “Step by step the problems have been resolved (since then), removing many restrictions and limitations,”
“I think at the maximum in mid-2017 the whole thing would be in the normal manner (of) things.”
However, it is not quite smooth sailing on calm seas yet for Tehran, as US and European banks are still restricted in what business they can conduct with Iranian companies.
But Saeidi hopes to see these limitations removed following the US presidential elections; “That will be one of the US commitments based on the agreement we signed last January … This is a very certain commitment by the US.”
This should pave the way for IRISL to flourish, despite the difficult market conditions facing global shipping.