World News
New U.S. Sanctions to Target Shipping, Ports
The U.S. Senate is considering new sanctions on Iran that would push foreign banks to stop working with the nation's shipping, ports, and shipbuilding industries, as well as some energy and metals sectors, Reuters reports.
"Our significant effort right now is in pursuing areas of the economy that can lead to proliferation - energy, shipping, to mention a few," said Senator Robert Menendez.
Current U.S. rules, passed last year and designed to pressure Iran into giving up on its nuclear programmes, penalise countries that buy Iranian oil with economic sanctions, although 20 nations including China, Japan, South Korea, and much of Europe, have received waivers enabling them to continuing buying from the Islamic Republic.
The new sanctions, which would be part of a defense bill the Senate plans to take up before the end of the year, would prevent foreign banks that do business with various Iranian industries from taking part in the U.S. financial system.
A senior Senate aide, speaking anonymously, said the legislation "would bring economic sanctions on Iran near de facto trade embargo levels with the hope of speeding up the date by which Iran's economy will collapse."
In October, the managing director of Islamic Republic of Iran Shipping Lines (IRISL) said U.S. and European sanctions have already caused it "huge losses," and could bankrupt the company.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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