BREAKING NEWS

Chinese firms drop Iran as latest US sanctions bite

By REUTERS

JULY 1, 2013 20:26

LONDON - Two top Chinese shipping lines severed ties with Iran as tough new US sanctions over the country's disputed nuclear program came into effect on Monday, leaving the country increasingly dependent on front companies and overland routes.

Many of Iran's imports, including food and consumer goods, arrive by ship, either directly or via feeder services from places like the United Arab Emirates, and the latest set of sanctions are likely to worsen an already deep economic crisis.

"The vast majority of major container carriers have now ceased calling at Iran," said Daniel Richards, shipping analyst with Business Monitor International.

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