Three Iranian-owned, German-flagged ships have been impounded in Singapore. The three are set to be sold at a Sheriff's Sale, December 14.

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The Straits Times says the three containerships -- Tuchal, Sahand and Sabalan -- are being sold to satisfy a debt to Credit Agricole Corporate and Investment Bank.

The Chairman of the Islamic Republic of Iran Shipping Lines (IRISL), Mohammad Dajmar, says the impounding of three Iranian vessels is a violation of international law.

The Iranian state-controlled PressTV website quotes him as saying: "We had a loan [on the vessels] and the [bank] changed it from a loan to a due [payment] because of sanctions. In other words, they committed a violation. Because the loan contract was signed before the sanctions."

"We are trying to prevent the auctioning [of these vessels]," said Mr. Dajmar, and added, "We are negotiating to pay them [the bank] ourselves and resolve the issue."

December 9, 2010

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