In a bid to prepare for the lift of economic sanctions placed on the country, Iran is planning an immediate return to the maritime industry with the intention of significantly expanding its container shipping fleet, according to Iran Daily.
An estimated US$120 billion is said to be available to finance ship-orders once US international sanctioned are lifted.
Mohammad Saeidi, Head of the Islamic Republic of Iran Shipping Lines (IRISL), said that the company seeks to purchase 579,000 TEU worth of containerships.
Saeidi added that by 2020, all the new vessels will be operational and that the funds for the purchase will be provided from billions of dollars in frozen oil revenues in international banks.
According to Heavy Lift, IRISL is discussing the possibility of joining a big-name shipping alliance as part of the company's expansion strategy, talks are currently on-going with the Shipping Corporation of India, reviving the Irano-Hind joint-venture.
He said the IRISL is also discussing the possibility of teaming up with foreign firms as part of the planned expansion strategy.
Mr Seidi's company will be purchasing post-panamax ships of 14,000 and potentially 18,000 TEU in order to compete with the top players.
In a previous news article, PTI detailed that Iran could be set to boom following the lift of the US sanctions on the country, as there are plenty of opportunities for carriers to reconnect with an economically recovering country.