11 May 2018;
To nobody’s surprise, President Trump decided to withdraw the United States from the 2015 international nuclear deal with Iran. The other signatories (China, France, Russia, the U.K., Germany, and Iran) have decided to stay in, at least for now. However, the secondary sanctions that will be reimposed by the U.S. after grace periods of between 90 and 180 days will have a global impact. Most of the sanctions affecting the shipping industry will be on the 6-month wind-down period. The oil markets are expected to lose at least some Iranian crude oil and the tanker market will feel the impact of changes in tradeflows and the uncertainty around vessel insurance and the impact of secondary sanctions on the global financial system.
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