Egypt seizes suspected Iranian steel billet shipment

The billet is listed as loading in the UAE in the cargo manifest, but customs authorities suspect it originated in Iran. The cargo was on the Panama-flagged MV Destiny, which arrived at Adabiya in Egypt on 5 December, vessel tracking shows. The vessel has now been rerouted to Safaga in the country — previously it sat dormant in Karachi, Pakistan, before travelling to Hamriya Free Zone port in Dubai, where it sat for less than three days and supposedly loaded the cargo. The vessel did not reveal any location between 29 October and 11 November.

Part of the 40,000t cargo was reportedly unloaded and delivered to customers but the 35,000t balance has been stranded while authorities, including the General Organization for Export and Import Control, have investigated the cargo and documents, market sources said. The General Organizaton for Export and Import Control confirmed a shipment had been seized, but would not comment further. The vessel could have had its radar turned off near to Hamriya Port, as often happens to disguise the origin of Iranian steel, which some banks refuse to finance, according to sources. On tracking software,

A second vessel from the same seller, the MV Diamond A, carrying 20,000-22,000t of billet and wire rod, could be diverted to Jordan rather than landing in Egypt. The vessel recently stopped at a small port in the UAE and has not reported any location since 18:42 GMT on 19 December.