Hyundai Heavy Industries has escaped unscathed on a series of Iranian newbuildings included on the US’ latest sanctions list.

Seoul-listed HHI won a contract for 10 ships from Islamic Republic of Iran Shipping Lines (IRISL) after an earlier round of US sanctions was lifted.

While seven of the 10 newbuilds were singled out by Washington in its latest papers, HHI said all of the ships have been delivered.

Industry databases and sources suggest HHI delivered four 14,400-teu boxships in August.

Affiliate Hyundai Mipo Dockyard delivered three 49,000-dwt MR product tankers in August and another three last month.

Quick delivery

The quick deliveries suggest the South Korean shipbuilding giant is unlikely to get caught up in US sanctions, as the deal was fetched well before the Trump administration announced its unilateral withdrawal from the Joint Comprehensive Plan of Action.

Trading volumes

IRISL ordered the vessels for about $650m in 2016, having forecast higher trading volumes after a previous round of sanctions were lifted under the Washington and Brussels-based international nuclear deal.

However, seven of those ships have ended up on Washington’s latest sanction list and could face trouble trading internationally.

IRISL managing director Mohammad Saeidi Photo: Ty Stange/Danish Maritime Days

The knowing provision of significant financial, material, technological, or other support to, or goods or services in support of... [the sanctioned] entities could be sanctionable

US Treasury

“The knowing provision of significant financial, material, technological, or other support to, or goods or services in support of... [the sanctioned] entities could be sanctionable,” the US Department of the Treasury said in a statement.

Bound for Iran

IRISL, which is a sanctioned entity itself, remains the owner of product tankers Clavel, Petunia and Dalia, which were handed over in October. Tracking data from VesselsValue shows they are apparently moving towards Iran after leaving the yard.

The four ultra large containerships are owned by Istanbul Denizcilik ve Deniz. Alphaliner reported they are operated by the Shanghai-based Reach Group, which works closely with IRISL on Iran-related trades.

The US has put the Tenreach, Goodreach, Fanreach and Canreach on the sanctions list but left out the Turkish and Chinese companies.

Meanwhile, the three product tankers delivered in August are now owned by Athens-based Marvin Shipping, according to Equasis.

Vessel tracking data suggest the Marvin Independence, Marvin Confidence and Marvin Faith have not been involved in Iran-related trades. Those ships are not subject to Washington’s sanctions.

Information on how the Greek firm acquired those ships is not immediately available.

Marvin and IRISL did not respond to requests for comment as TradeWinds went to press.

According to its website, Marvin was established in 2003 and remains a privately held company.

It has business links with major oil companies and traders, while continuing to engage in new business partnerships, its website said.