25 Apr 2024
Wednesday 6 April 2016 - 17:27
Story Code : 208266

Islamic Republic of Iran Shipping Line in talks for mega-ships

Islamic Republic of Iran Shipping Line is negotiating with Hyundai Heavy Industries to purchase up to three mega-ships with capacities of 14,500 twenty-foot-equivalent units, sources close to the matter said.

The purchase will help IRSIL break into the ranks of the worlds largest container lines by capacity. Its total capacity of 96,160 TEUs ranks it as the 22nd-largest global carrier, according to maritime analyst Alphaliner.

Sources said the ships would range in cost from $120 to $130 million and represent the continuation of a relationship between the Hyundai group and IRISL.

"In 2008, IRISL ordered some ships in our sister yard, Hyundai Mipo Dockyard, but that order was suspended as sanctions kicked in, a source at HHI said. Now, IRISL wants larger ships, which is under the purview of HHI."

The purchase comes after IRISL and CMA CGM in January with the signing of an agreement on terminal access, capacity sharing, and jointly operating certain routes.

If HHI wins the deal, it will be the first South Korean shipbuilder to win orders from an Iranian company since the lifting of international sanctions on Iran in January.

South Korea and Iran in March signed a memorandum of understanding dealing with various aspects of maritime commerce including shipbuilding and ship classification and port development.


By JOC.com
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