EMEA News
Fratelli Cosulich and IRISL Mull Bunkering Alliance
Fratelli Cosulich S.p.A. (Fratelli) is in the process of developing a bunkering alliance with the Islamic Republic of Iran Shipping Lines (IRISL), Splash 24/7 reports.
"Fratelli Cosulich is developing new projects in maritime insurance brokerage and in bunkering," Augusto Cosulich, Fratelli's Managing Director, told the maritime news service.
"We are going to set up a new joint venture with the national shipping group IRISL aimed at offering ship bunkering services in the port of Bandar Abbas. That's something we have been doing for a long time now in the port of Singapore."
Global bunker broker and trader Fratelli is said to also act as a general agent in Italy for IRISL - with the two companies having maintained a business relationship since the 1970s.
Cosulich says significant future opportunities related to trades to and from Iran currently exist, but that "Italian exporters today are dealing with the problem that banks don't seem to want to work with Iran."
"Unfortunately, without letter of credits from the bank all the cargoes ready for the shipments have to be stocked in warehouse waiting for those letters" said Cosulich.
In December, Ship & Bunker reported that Fratelli Cosulich acquired 100 percent of the shares of Monaco-based bunker trader Chemoil Monde Export SAM (Chemoil Monde).
