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French shipping firm drops Iran over US sanctions threat

AFP  |  Aix-en-Provence 

The world's third largest shipping group, the French-owned CMA CGM, has decided to withdraw from over the threat of US sanctions, its said today.

"Because of the Trump administration, we have decided to end our service to Iran," told an economic conference in Aix-en-Provence in southern

"Our Chinese competitors are hesitating a bit, so they may have different relationships with the " In 2016 the company signed a memorandum of understanding with the Islamic Republic of Shipping Lines allowing it to lease spaces for vessels, operate joint shipping lines and cooperate on the use of port terminals.

US announced in early May the unilateral withdrawal of the US from the landmark nuclear deal and the reinstatement of sanctions against the country, as well as against foreign companies who do business with it.

said the sanctions would be immediate for new contracts and gave companies already working there up to 180 days to cease trading.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, July 07 2018. 20:30 IST