Shipping Corporation of India Ltd. (India)

 

 

 

Date: December 1974 - April 2013

Deal: According to Iran International, the Shipping Corporation of India Ltd. and the Islamic Republic of Iran Shipping Lines (IRISL) established a joint venture called Irano Hind Shipping Company in March 1975 (Iran International, accessed December 3, 2012). According to The Hindu, Irano Hind was created to transport iron ore from India to Iran “following Iran's funding of the Kudremukh iron ore mines” in India (The Hindu, January 17, 2012).

According to the Shipping Corporation of India Ltd., the Islamic Republic of Iran Shipping Lines holds 51 percent of the shares and the Shipping Corporation of India Ltd. holds 49 percent of the shares (The Shipping Corporation of India Ltd. Website, accessed December 3, 2012).

According to The Wall Street Journal and the Shipping Corporation of India Ltd., Irano Hind Shipping Company currently has seven vessels, which are all registered in Malta (The Wall Street Journal, July 26, 2012 and The Shipping Corporation of India Ltd. Website, accessed December 3, 2012).

According to the Associated Press, the Indian government decided to dissolve the Irano Hind Shipping Company as a result of international sanctions which made it difficult to get customers or insurance (AP, April 11, 2013).

According to The Wall Street Journal, in the dissolution agreement, Shipping Company of India Limited will receive six of seven vessels owned by the joint venture to be registered in India. India will also be responsible for repaying the loans owed by the joint venture (The Wall Street Journal, April 9, 2013).

According to Business Standard, a year after the dissolution was announced, Iran and India were still debating the issue. There are a variety of issues that remain unresolved at this time between the two governments. Despite the fact that India decided to dissolve the venture almost a year ago, India is still in ongoing talks with Iran regarding its dissolution (Business Standard, March 3, 2014).

U.S. Business Ties: The Irano Hind Shipping Company was listed by The U.S. Department Of The Treasury as a Specially Designated National on September 10, 2008 (The U.S. Department Of The Treasury, September 10, 2008).

According to The Hindu, the U.S. Department Of The Treasury sanctioned ten “IRISL and Irano Hind affiliated shipping companies” based in Malta (The Hindu, December 21, 2011). According to The Hindu, these companies include: “BIIS Maritime, ISIM Amin, ISIM Atr, ISIM Olive, ISIM Sat, ISIM Sea Chariot, ISIM Sea Crescent, ISIM Sinin, ISIM Taj Mahal, and ISIM Tour” (The Hindu, December 21, 2011).

Last Updated: August 18, 2014