Ship worth Tk 600 million hit by US sanctions: Shipbreaking industry in unprecedented crisis

Staff Correspondent

The new US sanctions on Iran have directly hit the shipbreaking industry of Bangladesh. The Donald Trump administration has imposed sanctions on a huge chemical tanker named ‘Memei’ worth about 600 million taka, which was imported for breaking, creating an unprecedented and unusual situation. The ship is currently stuck at the outer anchorage of Chittagong Port due to this US crackdown. Due to the legal and international complications that have arisen, the importer company ‘SN Corporation’ has finally decided to send the ship back.

US blacklist 6 days after arrival!

International shipping reports and ship tracking data show that the 44,800-ton chemical tanker was sold for scrap just before the sanctions were imposed. The ship arrived at Chittagong’s outer anchorage on May 22 (2026). But just six days later, on May 28, the US State Department and the Office of Foreign Assets Control (OFAC) blacklisted the ship as part of a push to pressure Iran.

Washington alleges that the ‘Memei’ ship was involved in transporting Iranian petrochemical products in July 2024. For this crime, the US administration has imposed sanctions not only on the ship, but also on its Hong Kong-based owner and commercial manager, ‘Ever Shining Limited’, and another ship they control, ‘Flora’.

Ship worth 600 million capsizes, a rare event in the country’s history

According to a report from the ship recycling market, the estimated cost of dismantling the Memei ship was around 4.96 million US dollars, which is around 600 million 88 million taka in Bangladeshi currency.

International shipping magazine ‘Trade Winds’ and local shipping agents say that such incidents of scrap ships not being able to be lifted to the yard or beach due to international sanctions after import are extremely rare and unprecedented in the shipbreaking industry of Bangladesh. As a result, on the one hand, domestic importers are at risk of huge financial losses, and on the other hand, there is a kind of discomfort in international trade.

What the importing company says

Seeing the situation as urgent, the importing company has started the process of sending the ship back without taking any risks. Omar Faruk, Administrative Manager of SN Corporation, told the media:
“Due to international and legal complications, the ship cannot be beached at present. It is anchored in the sea. We have not given the funds yet. Considering the situation, the process of sending the ship back has been started.”

It remains to be seen how the polarization of world politics and the US sanctions will affect Bangladesh’s heavy industry sector, and how cautious importers will be in international trade in the coming days.