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Alleged links to Iran lead to liquidation for SeaLead Shipping

Singapore-based SeaLead Shipping has ceased trading after US sanctions impeded operations. The liner operator filed for voluntary liquidation in late July, and on Monday, Cosimo Borrelli of Admiralty Asia Partners was appointed the liquidator. Last Friday, Sealead declared it was solvent. With net assets of $37.4m, its directors affirmed that Sealead could repay all its debts within a year of the start of winding-up proceedings. At its peak, SeaLead specialised in liner services to and around the Persian Gulf, and even dabbled in transpacific routes as container freight rates reached historical highs during Covid and the Red Sea crisis. SeaLead shareholders are: Preetha Sunil Kumar (holding 20%); Cayman Islands-incorporated Access Capital Funds (15%); Meteor Capital (33%); and Hummingbird Capital (32%). SeaLead's downfall began last July, when the US Office of Foreign Asset Control (OFAC) sanctioned 16 of its chartered vessels, claiming they were linked to a "vast shipping empire" controlled by Mohammad Hossein Shamkhani, a former commander of the Islamic Revolutionary Guard navy and the son of Ali Shamkhani, a top political adviser to Iran's supreme leader. All vessels were technically managed by Draco Buren Shipping, a Singapore-registered company, also sanctioned due to alleged links to Mr Shamkhani. The outbreak of the US/Israel-Iran conflict on 28 February further hampered SeaLead operations, stranding vessels on Far East-Persian Gulf services. On 6 March, the US Department of Justice seized $2.4m of SeaLead's funds as "civil forfeiture", accusing the shipping line of providing transportation services to interests controlled by Mr Shamkhani. The DoJ alleged the $2.4m was part of more than $15.3m used to fund an illicit Iranian oil distribution network. By then, SeaLead's operated capacity had dwindled to 14 ships, 62,521 teu, from a peak of 208,000 teu in May 2025. The company retrenched several employees and shut some foreign offices - once the 13-largest shipping line, SeaLead tumbled out of Alphaliner's top 100. The final nail in the coffin appears to have been hammered in last month, when OFAC sanctioned SeaLead itself, as well as its subsidiaries in India, the Marshall Islands, and the UAE. Several other Shamkhani-linked companies were also named, including Aare Lines, Hansa Shipping, Lubeck Shipping, Volta Shipping, and WeFreight Shipping. The Loadstar understands that until the end of last month, SeaLead's Malaysian subsidiary, SeaLead Shipping Malaysia, was still trying to book cargo as an NVOCC, but that shipping lines had become wary of taking its business.

Animal transport: The most sensitive cargo of all

Animal transportation continues to be a staple part of air cargo operations, while end-to-end handling remains complex and highly skilled work. It may be obvious, but it's worth repeating. Transporting live animals by air involves sentient beings that continue to move, see, get hot - or cold - and feel throughout the journey. Toby Griffiths, head of global sales and customer solutions at Cathay Cargo, explains: "Unlike general cargo, live animal transport demands continuous consideration of welfare-related factors, including behaviour, temperature, noise exposure, stress levels and species-specific physiological needs. These requirements vary widely across species - there is no universal approach," he explains. One of the most critical challenges is maintaining stable and appropriate environmental conditions on the ground and in flight. Temperature, ventilation and humidity must be precisely controlled, particularly during long-haul or multi-sector movements. Disruptions such as delays, congestion or prolonged tarmac exposure can significantly increase stress, so keeping ground time to a minimum and optimising routing and handling is essential. Equally complex is the high level of coordination required between stakeholders. "Live animal movements rely on close alignment between cargo planning teams, flight operations, ground handlers, vets, grooms or animal attendants and regulatory authorities at both origin and destination," Griffiths says. "Any breakdown in communication or execution can increase operational and welfare risks. This is why experienced, certified handling teams, clearly defined operating procedures and robust contingency planning are fundamental to ensure safe, compliant and humane transport." High standards Regulations, documentation and health requirements are some of the most complex and critical aspects of transporting live animals by air. The activity is subject to particularly rigorous oversight, governed by a combination of international conventions, national legislation, and local regulatory controls. Compliance with the IATA Live Animals Regulations (LAR) is mandatory and spans every stage of the journey, covering areas such as container specifications, handling procedures, feeding and watering intervals and environmental management. These standards have evolved significantly over time to address the welfare considerations of a wide and diverse range of species. Cathay Cargo will only accept bookings from members of the International Pet and Animal Transportation Association (IPATA), Animal Transport Association (ATA), IAT-accredited freight forwarders or holders of a valid IATA LAR training certificate. Beyond IATA requirements, at destination each shipment must also meet specific import and export regulations, veterinary controls, and biosecurity measures, which can differ substantially between countries. Documentation is especially demanding and may include veterinary health certificates, vaccination records, import or export permits, quarantine approvals, Convention on International Trade in Endangered Species (CITES) and compliance with schemes such as the UK Pet Travel Scheme. All documentation must be precise, complete and valid for the entire transport chain, including any transit stations. Even minor inconsistencies can lead to customs intervention, delays, refused entry or the need for recertification. Health and sanitary management are equally pivotal. Animals must be assessed and certified fit to travel by qualified vets, considering factors such as physical condition, age, pregnancy status and vulnerability to stress. Robust disease control measures, strict biosecurity protocols and quarantine requirements must be carefully managed to prevent cross-contamination and satisfy destination country standards. Variations in sanitary regulations between jurisdictions make early coordination with authorities and thorough advance planning essential. Independent certification programmes, such as IATA CEIV Live Animals, further strengthen regulatory confidence by verifying that airlines, ground handlers and cargo facilities consistently meet high welfare benchmarks. The increasing adoption of these certifications reflects growing expectations from regulators, customers and the wider public for transparency, accountability and demonstrable commitment to animal welfare. Griffiths adds: "Ultimately, the successful transport of live animals depends on comprehensive regulatory knowledge, meticulous documentation management and stringent health and biosecurity controls. Experience, certified handling capabilities and robust contingency planning are critical to maintaining compliance while ensuring the highest possible standards of animal welfare throughout the journey." On the ground, purpose-built facilities are fundamental to protecting animal welfare, says Cathay Cargo. At major hubs such as Hong Kong, specialised infrastructure includes climate-controlled storage areas, dedicated large animal rooms, and purpose-designed handling zones engineered to reduce noise, stress and unnecessary movement. Optimised cross-docking layouts allow for smooth transitions between aircraft, storage, and ground transport, minimising handling and time spent on the ground. Griffiths adds that while Cathay Cargo has strong facilities at its home hub, live animal transport depends on strong global footprints. Its team around the world operates under IATA LAR, which ensures a consistent standard of care across origin, transit, and destination and there is a high level of collaboration between Cathay Cargo and ground handling agents. Comprehensive handling protocols further underpin welfare. Live animals are accorded 'last in, first out' status, complemented by low-speed tow movements and carefully managed tarmac exposure. All ground handling is conducted using IATA-compliant travel stalls or species-appropriate containers. Where required, travelling grooms and certified veterinarians are accommodated on freighter flights to provide continuous monitoring and care. In flight, cargo hold temperature and ventilation are actively regulated using specialised systems aligned with species-specific requirements. When animals are transported standing, flight procedure may be adapted, such as smoother landing profiles or reduced auto brake settings. Recent advances in live animal transport have emphasised greater standardisation, enhanced training and increased digital integration. The wider adoption of IATA CEIV Live Animals certification across airlines, cargo terminals and ground handling partners reflects an industry-wide commitment to consistently high standards. At the same time, digital initiatives such as IATA ONE Record are strengthening transparency and resilience. By providing a single, trusted source of shipment data, ONE Record gives real-time visibility for forwarders and shippers. Griffiths concludes: "Safe and compliant air transport of live animals depends on strong facilities and handling capabilities underpinned by specialised infrastructure, skilled personnel, welfare-focused procedures and continuous operational and digital improvements." Different approach At Swissport, senior vice president of global cargo, Steven Polmans, says the transport of live animals is one of the most specialised and responsible air cargo activities. Infrastructure, training and processes are key throughout every journey. Live animal logistics requires a fundamentally different operational approach compared to traditional cargo, Polmans explains: "Each species has distinct requirements for temperature, ventilation, hydration, feeding schedules, noise exposure, and handling protocols. "While pet transport typically follows more standardised procedures, movements involving horses, zoo animals, endangered species, and livestock require highly tailored planning." Smooth travel is a key priority throughout the journey. This includes minimising handling times, reducing exposure to noise and extreme weather conditions, and ensuring only trained personnel interact with the animals. Reliability is critical -- delays or missed connections can have direct welfare implications. Polmans adds that Swissport's global network offers consistent standards across touchpoints, helping ensure smooth handovers between locations and reliable transit times. Cargo hubs are increasingly investing in dedicated live animal facilities to improve welfare and efficiency. These typically include temperature-controlled holding areas, species-specific zones, veterinary inspection rooms, quarantine facilities, and dedicated spaces for horses and livestock. For example, Swissport has opened a dedicated pet lounge at OR Tambo International Airport in Johannesburg, with climate-controlled facilities with separate areas for cats and dogs, exercise spaces and access to vet support, reflecting the industry trend towards specialised infrastructure. Ground handling procedures have also evolved. Specialised transport equipment helps protect animals from weather and vibration, while refined loading processes help reduce transfer times. Training for ground personnel covers live animal acceptance and handling procedures aligned with the IATA LAR regulations, with a focus on safety, documentation accuracy, and awareness of animal behaviour and environmental stress. Polmans adds that the air cargo industry itself plays an important role in supporting conservation efforts and preventing illegal wildlife trafficking. It has an important role in global conservation, safely moving endangered animals between zoos, breeding centres and wildlife reserves. It also supports rewilding programs, scientific research and emergency relocations. Polmans declares: "The continued professionalisation of live animal logistics is helping to make these sensitive shipments more reliable and controlled, contributing to conservation outcomes." Aytekin Saray, chief executive of Global GSA Group (GGG) says that the agency facilitates the movement of a broad range of live animals, including companion animals such as dogs, cats and small domestic animals for relocations, primarily driven by family moves and expatriate assignments. It also handles breeding livestock, including cattle, sheep, and pigs and horses, which are an important segment, particularly for equestrian events and breeding in GCC countries and Europe. Tropical fish and aquatic species, especially ornamental fish for the pet trade, are also a growing segment post-Covid. The primary trade lanes for GGG are Europe/Middle East, Europe/Asia-Pacific, and North America/Europe. Ongoing safety issues with Middle East sea routes have increased demand for air bookings for pets. Saray says: "We are seeing a surge in pet relocation, with the post-Covid pet ownership boom driving sustained growth in companion animal transport. The pet air shipping market is projected to reach $1.32bn by 2033, growing by 4.2% a year." However, livestock airfreight is declining, as ocean carriers have improved handling, shifting bulk cattle transport away from air though pigs remain in the air as they are time- and temperature-sensitive. He adds: "We are also seeing a growing Middle East pet market, with a significant uptick in pet transport to and from GCC countries, also driven by safety concerns with sea freight routes. "At the same time, regulatory-driven shifts, including UK and EU bans on live export for slaughter, are reshaping European livestock trade lanes. North America is projected to see the highest growth for animal transport through 2030, driven by rising pet ownership and disposable income." GGG secures capacity with CEIV Live Animals-certified airlines to ensure high standards. It also advises shippers on IATA live animal requirements, CITES documentation for protected species and country-specific import/export regulations. It also identifies the best flight connections on its airline partners' networks to minimise transit time and animal stress and works in partnership with specialised handlers offering temperature-controlled facilities and veterinary services at key hubs. CEIV Live Animals standards are having a clear impact, Saray adds and indeed GGG prefers to book with carriers who have it as it has become the quality benchmark. Moreover, CEIV standardises handling protocols, making it easier for GSAs to coordinate across multiple touchpoints and ensure consistent animal welfare. Regulations for live animal transport are becoming more rigorous. The IATA LAR 52nd edition for 2026 introduces significant amendments: "As a GSA, we must therefore ensure our carrier partners and shippers comply with evolving standards," Saray explains. These include stricter and clearer container requirements. In parallel, the EU is carrying out its most significant regulatory overhaul in 20 years, covering matters such as space allowances, temperature protections, journey time limits, and mandatory GPS tracking. Furthermore, the UK banned live exports for slaughter in 2024, while EU member states are implementing similar restrictions, fundamentally reshaping trade lanes. Saray adds: "Increasing regulatory complexity reinforces the value of experienced GSAs who can navigate compliance and guide shippers through changing requirements." Recent disruption to global air services has made live animal traffic more complex. Airspace restrictions in Russia, Ukraine, and the Middle East mean alternative routings that maintain acceptable transit times. Tighter capacity also makes securing live animal allocations harder, so carrier relationships are critical. As a result, there is increased reliance on European consolidation hubs, particularly in Benelux and Germany, requiring strong coordination with ground handlers. He concludes: "Overall, disruption reinforces the importance of experienced GSAs who can secure capacity, navigate complexity, and ensure compliance across changing routes for our clients."

The day DSV rocked confidence in forwarding M&A...

...was when other deals that could have happened, never came through. Take would-be target JAS Worldwide, a private, highly respected second-tier forwarder from Atlanta, for instance. And so While all eyes now are on the possible Apex Logistics spin-off*, which some sources suggest is a way to crystallise that K+N unit's value but also to make Kuehne + Nagel leaner in terms of governance, there are signs in forwarding pointing to a lack of M&A that is a "direct function of DSV's inability ...