Payment to Korean yard: SCI's Iranian venture faces rough weather

Irano-Hind Shipping Company, a joint venture between Shipping Corporation of India and the Islamic Republic of Iran Shipping Line, is facing trouble in making payments for a ship being built at a South Korean yard on account of the economic sanctions against Iranian companies.
According to those familiar with the development, the vessel, a Suezmax tanker named Taj Mahal, said to be costing around $70 million, will be ready for delivery by this month-end. If payments are not made by then, the company may have to pay a penalty, they said.
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Source:The Hindu Business Line