CMA CGM has been forced to withdraw from operations in Iran over the threat of US sanctions
French shipping line CMA CGM has been forced to withdraw from operations in Iran over the threat of US sanctions.
Sanctions had been lifted in Iran after decades of blockades to much fanfare, as Iran looked to offer global markets a boost by bringing in new resources and trade.
CMA CGM had made a deal to work with Iran, however under the threat of sanctions, CMA CGM, like Maersk, has pulled its operation.
“Due to the [US President] Trump administration, we have decided to end our service for Iran,” said CMA CGM chief Rodolphe Saade, adding: “Our Chinese competitors are hesitating a little, so maybe they have a different relationship with Trump, but we apply the rules.”
CMA CGM’s operations have been further complicated by the trade war now raging between the US and China.
CMA CGM is also in a period of mourning after founder and father of current chief Rodolphé, Jacques Saadé, passed away recently.
The French-Lebanese businessman is widely credited with building CMA CGM into one of the world’s foremost shipping lines.
Mr Saadé founded CMA CGM in Marseille, France, in 1978.
Read more: CMA CGM Founder Dies at 81