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(Diplomat-Japan) Luke Hunt - The Islamic Republic of Iran Shipping Lines (IRISL) boasts the biggest fleet in the Middle East, with about 170 vessels, but is struggling as banks foreclose on mortgaged vessels, and as insurers refuse to underwrite the company's operations. IRISL ships were once a common sight in Asian ports, Hong Kong, Singapore, Thailand and in the Malaccan Straits dividing Malaysia and Indonesia. Its ships were among the biggest and newest to ply the waterways, and mostly transported goods supplied by Chinese companies. U.S. officials say IRISL uses an array of deceptive practices to try to evade sanctions through a network of front companies, false shipping documents, changing names and nominal ownership of vessels and re-painting ships. 2011-03-28 00:00:00Full Article
Iran: Shipwrecked in Asia
(Diplomat-Japan) Luke Hunt - The Islamic Republic of Iran Shipping Lines (IRISL) boasts the biggest fleet in the Middle East, with about 170 vessels, but is struggling as banks foreclose on mortgaged vessels, and as insurers refuse to underwrite the company's operations. IRISL ships were once a common sight in Asian ports, Hong Kong, Singapore, Thailand and in the Malaccan Straits dividing Malaysia and Indonesia. Its ships were among the biggest and newest to ply the waterways, and mostly transported goods supplied by Chinese companies. U.S. officials say IRISL uses an array of deceptive practices to try to evade sanctions through a network of front companies, false shipping documents, changing names and nominal ownership of vessels and re-painting ships. 2011-03-28 00:00:00Full Article
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