Iran to buy 10 Ships from S Korea

The Islamic Republic of Iran Shipping Lines (IRISL) and South Korea’s Hyundai Heavy Industries Co. are expected to sign a major contract whereby Iran will buy ten ships from the major South Korean shipbuilding company.

Under the expected contract, valued at US$650 million, with IRISL, Hyundai will build four 14,400 TEU container ships and six 50,000 DWT product tankers, the Korea Herald reported on Saturday.

The ships will be delivered to Iran starting in the third quarter of 2018, it added.

“(We) are in consultations (with the Iranian side on the possible contract) but it’s not decided yet,” a company official said.

The agreement, if finalized, will mark Iran’s first deal with a foreign shipbuilder since the removal of anti-Tehran sanctions.

(Source: Tasnim, under Creative Commons licence)

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