Hong Kong has detained an Iranian cargo ship, the Decretive. The authorities detained the IRISL vessel on 14 November for default on a $268 million loan owed to four banks led by the German bank HSH Nordbank. The loan was taken by IRISL to finance the construction of Decretive in 2008. Earlier this year, the authorities in Singapore impounded three IRISL ships for default on $210 million loan to a French bank. Uskowi on Iran broke the news of the seizure of those ships, and they’ve since been auctioned.
IRISL is under sanctions imposed against Iranian entities. Its chairman told reporters in Tehran that the banks improperly called in the loan in response to UN and US sanctions.