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You are here: Home » International News » Shipping» Iran to get delivery of first giant ship from South Korea next year

Iran to get delivery of first giant ship from South Korea next year

18 March 2017 | Iran
 

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The first of 10 giant ships purchased from South Korea will be delivered in Iran in March 2018, said Managing director of the Islamic Republic of Iran Shipping Lines (IRISL).

Mohammad Saeedi said that after the delivery of the first 14,500 Twenty Foot Equivalent Unit (TEU) container ship built by South Korea's Hyundai Heavy Industries Company (HHI), the remaining vessels will be delivered to the IRISL at monthly intervals.

Under the contract, valued at USD 650 million, Hyundai will build 14,500 TEU container ships and 50,000 DWT product tankers.

The contract is part of IRISL's plan to renovate its fleet through a total investment of USD 2.5 billion.

The company operates about 115 oceangoing vessels, but many of the ships are old, have been deemed unsafe to travel and cannot be insured.

   
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