Sanctions are beginning to hurt an Iranian boxship player with Credit Agricole seeking to recover $110m outstanding on a $235m loan.
The Islamic Republic of Iran Shipping Lines (IRISL) has been dealt a major blow this week with the arrest of three of its larger containerships because of sanctions-related financing issues.
IRISL’s lack of ability to pay loans and maintain insurance cover due to a raft of sanctions imposed on Iran and Iranian state-controlled companies has caused Credit Agricole Corporate & Investment Bank to foreclose on the boxship trio.
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