One month after three Iranian ships were seized in Singapore, Islamic Republic Shipping confirmed that two other ships were seized in Malta and Hong Kong.
Mohammad Hossein Dajmer, director of Islamic Republic Shipping told a press conference that they are trying to secure the release of these ships but added “If in some cases the resources necessary are not provided, we might come to an agreement on putting the ships up for sale.”
The three cargo ships, Sahand, Sabalon and Tochal, which belong to Iranian navy, were seized in Singapore last month upon complaints filed against them by a French bank for failing to make appropriate loan payments.
While it was announced that the ships were put up for sale, Dajmer claimed: “The loan payments were made but the ships were not released yet” and the delays have been attributed to the end of year holidays by Iranian media.
Islamic Republic Shipping maintains that the loans are currently in good standing; however, the insurance they carry has not met the approval of the bank.
Following the approval of UN sanctions against Iran, several large insurance companies have refused to insure Iranian ships and the alternative insurance that Iranian have secured for the ships has not been accepted by the banks.
The two ships that were seized in Malta and Hong Kong have been called in by a German bank that carries a $280 million loan on it. The bank refuses to accept payment on the loan due to the insurance disputes and wants full payment on its loan.
The UN Security Council passed a resolution last June which imposes restrictions on companies linked to Iran’s Revolutionary Guards and the Islamic Republic Shipping