Iran’s media say a commercial ship that was seized in the Persian Gulf waters last week over a legal dispute between a local company and the Danish shipping line Maersk will be sold, Press TV reports.

Hamid-Reza Jahanian, the managing director of Pars Tala’eyeh Oil Products Company, which is involved in the legal row with Maersk, said the ship and its cargo will be sold unless the Danish shipping company pays $10 million in losses that his company has suffered.

Iran’s Foreign Ministry announced earlier that the MV Maersk Tigris – which was sailing with the flag of Marshal Islands last Tuesday – had been seized in Persian Gulf waters upon an order by a court in Tehran.

The ministry added that the crew of the ship - mostly East Europeans and Asians - are in good condition, adding that the ship will be free to go once its row with the Iranian company is resolved.

MD/SP