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DVB Bank says holding Iranian ship in China over debt

By REUTERS

JANUARY 25, 2013 19:42

LONDON - Germany's DVB Bank is holding an Iranian-owned dry bulk ship in China over debt payment claims, a senior bank official said on Friday, in a sign of growing pressure faced by Iran's fleet on top of Western sanctions.

The Uppercourt was arrested in the northern Chinese cargo port of Qinhuangdao in late November, said Iris Schrecker, senior vice president with DVB Bank's group compliance office.

The Uppercourt is one of four Iranian bulk ships DVB has been trying to seize.

Public shipping databases showed the vessel was managed by Tehran-based Rahbaran Omid Darya Ship Management, which the European Union and United States have said is a front for Islamic Republic of Iran Shipping Lines (IRISL), Iran's biggest cargo carrier and subject to Western and UN sanctions.

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