The Jerusalem Post
Jpost search icon google-icon iphone
  Set as Homepage
Thu, Jun 20, 2013   12 Tammuz, 5773
newspapers magazines
 
    • Breaking News
    • Diplomacy & Politics
    • Defense
    • National
    • Mideast
    • Syria
    • Iran
    • World
    • Business
    • Sports
    • Health & Science
    • Environment
  • Video
  • Opinion
    • Columnists
    • Editorials
    • Op-Eds
    • Letters
  • Jewish World
  • Lifestyle
    • Arts & Culture
    • Food & Wine
    • Travel
  • Features
    • Insights & Features
    • Week in review
    • On the Web
    • Shalva Superheroes
    • Obama in Israel
  • Blogs
    • In the news
    • Judaism
    • From the Middle East
    • Lifestyle
    • Aliya
    • Science and Technology
  • JPost Apps
    • iPhone app
    • iPad app
    • Android app
    • Twitter
    • Facebook
    • RSS feeds
    • JPost Toolbar
    • JPost Newsletter
    • JPost Alert
  • Premium Zone
    • The Jerusalem Report
    • Magazine
    • Metro
    • In Jerusalem
    • ePaper
    • Expert Opinion
    • Q&A
    • Dash
    • Christian Edition
    • Ivrit
  • French
    • Politique & Social
    • Affaires Palestiniennes
    • Diplomatie & Monde
    • Art & Culture
    • Israel
  • Green Israel
JPost Learn Hebrew  
Advertise with us  
Nefesh Guided Aliyah  
Eldan  
AFMDA  
YTA  
Isram Group  
JPost Twitter  
JPost Facebook  
Classifieds  
         
 
 
    
Breaking News
 
 
  • JPost.com
  • Iranian Threat
  • News
 

Iran's sea trade buckles under Western sanctions

By REUTERS
10/11/2012 18:48
Tweet

Top Iranian shipping line hit by rial's plunge; seaborne trade crashes more than 50 percent.

Container ship (illustrative)
Container ship (illustrative) Photo: Thinkstock/Imagebank

LONDON - Iran's vital seaborne trade is buckling under the weight of Western sanctions, deepening hardship for a population deprived of basic imports and heaping intense pressure on Tehran over its nuclear program.

Many of Iran's imports, including food and consumer goods, arrive on container, bulker and other ships, but the number of vessels calling at its ports has dived by more than half this year as the United States and European Union tighten the screws.

  • Iran's laser technology stirs nuclear fears

Analysts doubt the Iranian economy is near collapse, even though its rial currency has plunged in the last few weeks, but they say some shortages and rising prices of imported goods could provoke public unrest directed at Tehran's leadership.

A growing number of Western companies, especially those in shipping and related businesses, are pulling out of trade with Iran due to the complexities of deals and tougher banking restrictions as the sanctions take hold - and out of fear of losing business elsewhere.

"Iran's commercial shipping sector has suffered a significant hit," said Anthony Skinner of risk analysts Maplecroft.

Click here for full Jpost coverage of the Iranian threat

"Although US and EU sanctions do not target food shipments, importers struggle to acquire letters of credit and transfer funds. I expect current sanctions and the further tightening EU sanctions to sour the appetite of the international commercial shipping sector further."

The United States and the EU have led the sanctions push, hoping to force Iran to halt its nuclear program which they suspect is aimed at making weapons. Tehran says the work is peaceful, but the trade measures are hurting shipping badly.

Data from maritime intelligence publisher IHS Fairplay showed the overall number of vessels calling at Iranian ports in the year to early October was 980. That figure for more than three quarters of this year compares with 2,740 ships for the whole of 2011 and 3,407 for 2010.

Of that total, the number of visits by container ships - which carry consumer goods ranging from foodstuffs and household items to clothing and toys - was 86 so far this year, compared with 273 for the whole of 2011 and 378 in 2010.

The world's top container firm Maersk Line said this week it had stopped port calls to Iran, citing the risk of damaging trade opportunities especially in the United States.

"Lower shipping volumes may also mean that importing vital commodities will be increasingly hard, leading to possible riots over inflation," said Alan Fraser, Middle East analyst with security firm AKE.

Only eight refrigerated cargo vessels carrying fresh produce including bananas called at Iranian ports so far this year, down from 16 in 2011 and 36 in 2010, the IHS Fairplay data showed. Even fishing trawlers unloading their catch have slumped to five from 14 last year and 20 in 2010.

Starved of dollars as the sanctions curb oil exports, Iran bought large amounts of grain earlier this year using other currencies. Nevertheless dry bulk ships, which can carry cereals and commodities such as coal and iron ore, have also made fewer port calls with 100 arrivals so far compared with 352 in 2011 and 406 in 2010.

"You start to see Iran reaching a balance of payment crisis particularly on the imports side when a plummeting currency, which makes imports exceedingly expensive, is compounded by external sanctions," said Mark Dubowitz with the Washington-based Foundation for the Defense of Democracies.

"The combination of these factors is making it difficult for Iran to buy what it needs from abroad and pay for these goods and services," said Dubowitz, who has advised US President Barack Obama's administration and US lawmakers on sanctions.

  • Send
  • Large
  • Small
  • Print
  • Share
Most Viewed in
1
Rohani: Iran nuclear aims not meant to be exposed
2
'Iran may exploit Rohani win to advance nuclear program'
3
Russian FM: Iran willing to halt 20% uranium enrichment
4
AIPAC warns on Iranian president-elect Rohani
JPost Community
Tweet
Tehran Iran Sea Trade sanctions Nuclear
Tweets about "#jpost"
Share this article
Tweet
Share
Send
Your comment must be approved by a moderator before being published on JPost.com. Disqus users can post comments automatically.

Comments must adhere to our Talkback policy. If you believe that a comment has breached the Talkback policy, please press the flag icon to bring it to the attention of our moderation team.
JPost Services
conferenceConference
newsletterNewsletter
iphoneMobile Apps
kotelcamKotel Cam
kolboJPost Alert
premiumPremium
JPost TV News  
Mobile Apps  
Bank Hapoalim  
Meir Panim  
Israel Law Center  
Inbal Hotel Jerusale  
Meier on Rothschild  
Weizmann Institute o  
JPost Premium Zone  
JPost kotel Camera  
         
 
Israel Focus
JPost TV News
Watch Now!  
Donate to Save Lives in Israel
 
Israel Law Center
The ultimate Mission to Israel, October 21 – 28, 2013 Register now!  
Nefesh B'Nefesh Guided Aliyah
Already living in Israel? Enjoy the Benefits of Aliyah!  
One year International MBA
in English, Bar-Ilan University, Israel – Open House July 9, 2013, 17:30  
Give "Freedom" this Passover
to needy Israeli families. Donate now  
YTA – A Yeshiva in Israel…
in English. Come Join Us  
War Threatens
Protect the People of Northern Israel  
Bank Hapoalim
Israeli's number one bank  
Jerusalem Post Lite
Lite Edition of the Jerusalem Post for English improvement  
Learn Hebrew with us
Get 10 minutes free personal coaching in Hebrew through phone or Skype  
JPost newspapers
Sign up for the JPost newspapers and receive one month free subscription  
Kosher English Magazine
English language weekly magazine - especially for religious people  
JReport Kindle Edition
Now you can get the Jerusalem Report directly to your Kindle  
JPost Premium Edition
The very best articles are available only in our Premium edition  
Lifestyle Magazine
 
 
Real Estate
Meier on Rothschild
Tel Aviv's Most Prestigious Address  
Don't Look For a House!
In Israel, our website will do it for you!  
 
Travel
Tourism Magazine
June 2013  
The Inbal Jerusalem Hotel
Hot summer deal, order now!  
Eldan Rent a Car
20% off all Car Rental Reservations in Israel  
Hertz Car Rental
Special Online Discounts!  
The King David Jerusalem Hotel
One of the world's truly iconic hotels, and a Jerusalem landmark  
 
 
 

Sites Of Interest:

Jerusalem Hotels
KKL-JNF
Poalim Online
BreitBart.com
Our Friends
Jerusalem Attractions
Jerusalem Tours
itraveljerusalem.com

JPost sites:

Learn Hebrew
The Jerusalem Report
Our Magazines
JPost Edition Francaise
Green Israel
Christian World
Jerusalem Post Lite

Services:

JPost Mobile Apps
JPost Premium
JPost Newsletter
JPost Toolbar
JPost News Ticker
JPost RSS feeds
JPost Archives
JPost Alert
JPost Kotel Cam

JPost Conferences:

NYC Conference
Diplomatic Conference

Information:

About Us
Feedback
Staff E-mails
Copyright
Sitemap
News Partners
Advertise with Us
Statistics
Ad Specs
Terms Of Service
Jpost.com, the online edition of the Jerusalem Post Newspaper - the most read and best-selling English-language newspaper in Israel. For analysis and opinion from Israel, the Jewish World and the Middle East. Jpost.com offers expert and in-depth reporting from Israel, the Jewish World and the Middle East, including diplomacy and defense, the Palestinian-Israeli conflict, the Arab Spring, the Mideast peace process, politics in Israel, life in Jerusalem, Israel's international affairs, Iran and its nuclear program, Syria and the Syrian civil war, Lebanon, the Palestinian Authority, the West Bank and Gaza Strip, Israel's world of business and finance, and Jewish life in Israel and the Diaspora.
 
About Us | Advertise with Us | Subscribe | Premium | Newsletter | RSS | Contact Us
 
All rights reserved © The Jerusalem Post 1995 - 2012