Bandar Abbas up 15%

India signed a 10-year contract with Iran to develop Chabahar Port, investing US$370m to enhance trade routes to Iran, Afghanistan, and Central Asia, bypassing Pakistan.

Iran released the crew of a seized ship linked to Israel, MSC Aries, however, the vessel remains under judicial detention, amid tensions in the region.

Iran’s Foreign Minister announced plans to release the crew of the MSC Aries, following its seizure in the Strait of Hormuz on April 13.

MSC Aries, owned by a company run by Israeli billionaire Eyal Ofer, has been seized by the Islamic Revolutionary Guard Corps.

Mohammad Rastad, managing director of Iran’s Ports and Maritime Organization (PMO), has announced that a new port with the capacity to handle over 100 Mtpa of cargo is to be built at Jask in Southern Hormozgan province. The plan is to start construction in about four years’ time and then, through a series of phased developments, fully commission the port in 2032.

US President Donald Trump’s decision to pull the US out of the joint comprehensive plan of action (JCPOA) signed in 2015 between the US, China, Germany, France, Russia, the UK and Iran, and designed to stop the latter country developing nuclear weapons, is already impacting trade and investment in the Middle East nation.