SCI to revive JV with Iran Shipping Firm

By John Lee.

The Shipping Corporation of India (SCI), the country’s largest shipping company, is said to be in talks with its 40-year-old Iranian joint venture partner Islamic Republic of Iran Shipping Lines (IRISL) to work out a business model that can open new geographies for trade for the former.

Business Standard News reports that the joint venture, which remained dormant for many years due to sanctions, is now exploring business opportunities in the region.

B B Sinha, chairman and managing director of SCI, said:

There are several plans such as best tanker route between India and Iran, container trade from India to Iran. Since our JV partner has strong ties with other central Asian countries, SCI, too, is looking to get trade entry into these markets.

“Iran itself is a huge economy as it is the second largest exporter of oil. Trade opportunities with Iran are very high for SCI. Apart from this, Iran’s ties with countries such as Kazakhstan, Turkmenistan and Azerbaijan, among others, are strong and we can tap these markets as this joint venture.”

The joint venture, which currently holds three bulk carriers and one tanker vessel, could charter a container vessel in the near future.

(Source: Business Standard News)

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