Shipping Corporation of India to End Its JV with IRISL

As alleged by Bloomberg, Shipping Corporation of India (SCI) is terminating its joint-venture with the Islamic Republic of Iran Shipping Lines anent intensification of sanctions against Iran, which have hampered the company’s business operations.

Even though details of the separation still haven’t been decided, SCI, which holds 49 percent of the venture, seems to be standing firm behind the decision, having in mind that the IRISL’s assets are blocked in the U.S.

According to chairman of Mumbai-based SCI Sabyasachi Hajara, cited by Bloomberg, there has been an understanding between the two promoters that the assets of the company will be split between the promoters and that it will cease operation.

IRISL representatives still haven’t commented on the split-up.

[mappress]

World Maritime News Staff, July 26, 2012