Iran Examines Triple Big Ship Deal

The Islamic Republic of Iran Shipping Lines (IRISL) is in talks with Hyundai Heavy Industries (HHI) to purchase three ships of more than 14,000 TEU, according to JOC.com.

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

Whitepaper: Iranian Ports in the Post-Sanction Era

The deal between both companies comes at a time when the shipbuilding industry is in a state of immense loss as a result of the slump in global demand, which is also having a knock-on effect on container shipping.

PTI previously reported that the top three shipbuilders may merge operations in order to deal with the decrease in its revenue.

IRISL’s decision to place the order is in line with its previous announcement to acquire more than 575,000 TEU of containerships, which will be operational by 2020.