Denmark’s Maersk Tankers ends Iran shipping after US reimpose sanctions

A cargo ship owned by Maersk arrives into New York harbor on April 9, 2018 in New York City. (AFP)
Updated 17 May 2018
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Denmark’s Maersk Tankers ends Iran shipping after US reimpose sanctions

  • Maersk Tankers would honour customer agreements entered into before May 8, but then wind them down by November 4, as required by the re-imposed US sanctions
  • The nuclear deal, reached in July 2015 between Iran and Germany, China, the US, France, Britain and Russia, called for Tehran to freeze its nuclear programme in exchange for getting some international sanctions lifted

COPENHAGEN: Danish shipping group Maersk Tankers on Thursday said it would cease its activities in Iran due to the US's decision to leave a landmark nuclear deal and reimpose sanctions against Tehran.
Maersk Tankers would honour customer agreements entered into before May 8, but then wind them down by November 4, "as required by the re-imposed US sanctions," the company told AFP.
A former subsidiary of the Danish maritime group AP Moller-Maersk, Maersk Tankers was in October 2017 sold for $1.17 billion to APMH Invest, a subsidiary of the investment A.P. Moller Holding.
The nuclear deal, reached in July 2015 between Iran and Germany, China, the US, France, Britain and Russia, called for Tehran to freeze its nuclear programme in exchange for getting some international sanctions against the Islamic Republic lifted.
Washington announced in early May that it would withdraw from the agreement and reimpose sanctions against Tehran.
Iran's oil exports amounted to one million barrels a day, mostly to Asia and some European countries, before sanctions were lifted. They have since climbed to 2.5 million barrels.


Shuaa Capital begins consolidation after buying Kuwait’s Amwal

Updated 16 December 2018
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Shuaa Capital begins consolidation after buying Kuwait’s Amwal

LONDON: The Dubai-based financial services firm Shuaa Capital has started “consolidation efforts” following its acquisition of the Kuwait-based Amwal International Investment Company, according to a statement.
The move follows the recent completion of a public tender process, and Amwal shareholders’ general assembly on Dec. 12, according to a statement from UAE state news agency WAM.
Shuaa said earlier this year that it had struck a deal to boost its stake in Amwal to more than 87 percent.
Amwal’s key subsidiary is Noor Capital Markets, a brokerage with operations in Kuwait, Abu Dhabi, Turkey and Jordan.
Fawad Tariq-Khan, CEO of Shuaa Capital, said the acquisition will allow his company to boost its presence in some of those markets.
“The commencement of this consolidation exercise represents the culmination of our efforts in establishing a broad geographic footprint across the region’s strongest markets. From our heritage in the UAE, and now in our six well-placed jurisdictions, we are well positioned to tap into a diverse range of growing markets,” he said. “We are excited about the potential to take our expertise into Kuwait, Turkey and Jordan, as well as bringing Noor Capital Markets’ services and offerings to our home territories. We believe that we have a winning combination which will support our continued transformation on the path to sustainable profitability.”
Khurram Sayeed, CEO of Noor Capital Markets, said the consolidation had “tremendous prospects” for the businesses.