LONDON/NEW DELHI, May 7 (Reuters) – Foreign container shipping lines are giving up on Iranian business ahead of new U.S. sanctions in July, dealing a further blow to Tehran’s vital seaborne trade.
Iran’s economy is already reeling from the effect of measures imposed by the West to curb Tehran’s nuclear programme. Its currency has lost two thirds of its value since late 2011, inflation is soaring, and unemployment is rising fast as manufacturing, starved of parts and international finance, has contracted.
Many of Iran’s imports, including food and consumer goods, arrive on container, bulker and other ships. Feeder services, which transport ship containers to Iran especially from larger ports in the United Arab Emirates, are also used.