(Reuters) - An Iranian-led shipping venture is close to collapse after struggling to steer its oil
tankers and dry bulk vessels past tightening Western sanctions, a senior company official said on Thursday.

Negotiations are underway between partners Shipping Corp of India and the Islamic Republic of Iran [1] Shipping Lines (IRISL) on how to split the fleet and assets of Irano Hind Shipping, and whether the nearly 40-year-old joint venture will be shut down or not.

Western sanctions aimed at pressuring Tehran to halt its disputed nuclear programme prohibit U.S. and European companies from doing business with Irano Hind Shipping due to its links with state-owned IRISL.