Iran’s Maritime Trade Under Pressure Due to Aging Fleet

09/13/2021

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Staff | The Maritime Executive

Iran has admitted that U.S.-imposed sanctions have effectively blocked its effort to upgrade its maritime fleet, forcing the country to depend on overstretched local capacity for newbuilds and maintenance.

In 2018, citing security risks from Iranian covert operations and nuclear-missile R&D, the Trump administration imposed stiff sanctions penalties on most business transactions with Iran. This has made it impossible for the Persian Gulf nation to order new vessels from top global shipyards in China, Japan and South Korea.

The result has been dependence on Iran’s homegrown Hormozgan shipyards, stretching domestic shipbuilding capacity and negatively impacting maritime trade in Iran.

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