Tip News

July 18, 2018

French shipping firm drops Iran over US sanctions threat

French shipping firm drops Iran over US sanctions threat
'CMA CGM operates in 160 countries and has a fleet of 494 vessels' - By: AFP/File Robyn BECK

The world's third largest shipping container group, the French-owned CMA CGM, has decided to withdraw from Iran over the threat of US sanctions, its chief executive said Saturday.

"Because of the Trump administration, we have decided to end our service to Iran," Rodolphe Saade told an economic conference in Aix-en-Provence in southern France.

"Our Chinese competitors are hesitating a bit, so they may have different relationships with the Trump administration."

In 2016 the company signed a memorandum of understanding with the Islamic Republic of Iran Shipping Lines allowing it to lease spaces for vessels, operate joint shipping lines and cooperate on the use of port terminals.

US President Donald Trump announced in early May the unilateral withdrawal of the US from the landmark Iran nuclear deal and the reinstatement of sanctions against the country, as well as against foreign companies who do business with it.

Washington said the sanctions would be immediate for new contracts and gave companies already working there up to 180 days to cease trading.

Short link: https://tipnews.com/u/NTYxOTY=

See also:

Related articles

French far-right party's appeal of cash freeze set for August

French far-right party's appeal of cash freeze set for August

A Paris court will hear on August 6 an appeal by France's far-right National Rally of a decision to withhold two million euros in public subsidies for the party as part of an EU funding inquiry.Party chief Marine Le Pen announced the date Wednesday in a telev

100 years since his birth, S.Africa pays tribute to Mandela

100 years since his birth, S.Africa pays tribute to Mandela

South Africa on Wednesday marked 100 years since Nelson Mandela's birth, with Barack Obama hosting a youth leadership project as Archbishop Desmond Tutu led emotional tributes to the late anti-apartheid icon.Mandela's birthday on July 18 is celebrated annual

At least 19 drown in refugee boat sinking off north Cyprus

At least 19 drown in refugee boat sinking off north Cyprus

At least 19 refugees drowned and up to 30 were missing Wednesday after their boat sank in the Mediterranean off the north of Cyprus, local security forces said.The boat was carrying 150 people when it went down off the coast of the breakaway Turkish Cypriot-co

Apartments slump drags US home construction lower in June

Apartments slump drags US home construction lower in June

The pace of US home building fell to a nine-month low in June as apartment construction plunged, reversing a surge in May, according to government data released Wednesday.Most of the decline was in the Midwest and South, which saw a pent-up burst of activity i

HELLO, PLEASE TAKE A MOMENT TO RATE THIS POST French shipping firm drops Iran over US sanctions threat

Sending comment Close