Saudi-backed Shipping Line Resumes Iran Business

By John Lee.

The United Arab Shipping Company (UASC) said on Wednesday it had “started accepting shipments to and from Iran,” according to a report from Reuters.

The company, which suspended all Iran business in April 2013, is owned by the governments of the United Arab Emirates (UAE), Bahrain, Saudi Arabia (35%), Kuwait, Qatar (51%) and Iraq.

A source close to the shipping line told Reuters that for UASC, commercial considerations were more important than political difficulties, saying:

“Historically, since the company’s foundation, politics normally stayed away from the board room … UASC is commercially managed.”

(Source: Reuters)

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