PIL Terminates Vessel Calls to Iran due to US Sanctions
- Business & Finance
Singapore shipping company Pacific International Lines (PIL) has ceased acceptance of cargoes in and out of Iran.
What is more, the shipping company has terminated all calls to Iran.
“This is in conjunction with President Donald J. Trump’s announcement on May 8, 2018, to cease the United States’ participation in the Joint Comprehensive Plan of Action (JCPOA) and to reimpose all sanctions lifted or waived in connection with the JCPOA,” PIL said in a statement.
Earlier this year, the US Government announced plans to reimpose sanctions on Iran’s port operators as well as shipping and shipbuilding sectors, in line with the decision of the country’s president to withdraw from the Iran Nuclear Deal.
Companies that trade in US dollars or have operations there cannot afford themselves to lose a share of the US market, hence, they are likely to end their ties to Iran.