TEHRAN, Dec. 8 (Xinhua) -- The Chairman of the Islamic Republic of Iran Shipping Lines (IRISL), Mohammad Dajmar, said the impoundment of three Iranian vessels in Singapore is a violation of international law, the local satellite Press TV reported on Wednesday.
Three Iranian vessels, named Tochal, Sahand and Sabalan, have reportedly been impounded in Singapore by the order of a French bank, Dajmar said, according to the report.
"We had a loan (on the vessels) and (the French 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," said the chairman.
"We are trying to prevent the auctioning (of these vessels)," said Dajmar, adding that IRISL is negotiating to pay the bank and resolve the issue.
According to the media, French Credit Agricole Corporate & Investment Bank has seized the Iranian ships in Singapore "to recover 110 million U.S. dollars on a 235-million U.S. dollar loan " which was arranged four years ago by an Iranian demand.
The restriction imposed on Iran due to its nuclear issue bars the country's regular access to the international financial system and makes it difficult for Iran to pay its loans and maintain insurance coverage on its ships.