How is the TORM shipping company?

Withdrawal of the shipping companies

The US withdrawal from the international nuclear deal with Iran is now affecting Denmark. The four large Danish tanker shipping companies are stopping lucrative trade with Iran, reports the specialist magazine Søfart. Iran is one of the largest oil producers.

A total of almost 500 tankers operate for Maersk Tankers, Norden, Torm and Hafnia Tankers; the shipping companies were active on a smaller scale in Iran. Søfart had learned from the companies that one was forced to follow the law, but would like to trade with Iran in the future.

According to the trading and shipping platform platts.com, Maersk Tankers is refusing to enter into new trade agreements with Iran. Compared to Søfart, however, the group emphasizes that it is not a matter of refusing, only obeying laws. In addition, the company refers to its own communication. In this Maersk Tankers announced that it would comply with agreements that were made before May 8th and that they would be concluded by November 4th, as required by American sanctions.

Hafnia Tankers would like to trade with Iran if it were possible and legal, according to Managing Director Mikael Skov. According to him, the sanctions do not mean any immediate changes for his shipping company, ships have not visited Iran in recent years. According to Skov, a commitment in this country is also dependent on the owner constellation. The sanctions would not apply to everyone. The US had its sanctions, others continued to do business with Iran.

According to media reports, Torm will end the Iran trade and the North shipping company will not accept any Iran cargo until the group knows all the risks.

According to the German Handelsblatt, the country has the fourth largest oil reserves in the world with 158 billion barrels of oil. Only Canada, Saudi Arabia and Venezuela have more. Last week, crude oil prices rose to their highest level since the end of 2014 - also as a result of the cancellation of the nuclear agreement by the USA.