Mohammad Dajmar, the president of the Islamic Republic of Iran Shipping Lines (IRISL) said on Wednesday the impoundment in Singapore of three IRISL ships is a violation of international law [IRIB, 8 December].
Uskowi on Iran had first reported the seizure of IRISL’s three big, new ships in Singapore last September. Three Iranian vessels are named Tochal, Sahand and Sabalan.
The ships were seized because their liability coverage (“Blue Card”) was terminated by their insurer. Simultaneously, the French bank Credit Agricole put a $110 million claim for non-payment of the loans on the three ships. Iran claims that financial sanctions prevented it from making its regular loan payments it had on the loan.
"We had a loan (on the vessels) and Credit Agricole recalled the entire loan because of sanctions. In other words, they committed a violation. Because the loan contract was signed before the sanctions," said Dajmar. "We are trying to prevent the auctioning of these vessels," he added.
The US financial sanctions on Iran, called CISADA, bars access by Iranian banks to the international financial system and makes it difficult for the country to pay its loan payments and maintain insurance coverage on its ships.