BAKU, Azerbaijan, September 17
By Elnur Baghishov – Trend:
The Islamic Shipping Line Group (IRISL) shipped 23 million tons of cargo during the last financial year of the Shipping Group (from June 21, 2019, to June 20, 2020), the CEO of the group, Mohammad Reza Modarres Khiabani said, Trend report citing the group’s official website.
According to the Khiabani, 1.7 million tons of it was shipped by the Khazar Sea Shipping Lines Company, 626,000 tons by the Container Shipping LTD Company, and the rest by the Bulk Shipping Company.
Khiabani added that the Islamic Shipping Line Group made $778 million in revenues from these shipments.
"The group's net income was 3.66 trillion rials (about $87.1 million)," he said.
The CEO stressed the Islamic Shipping Line Group accounts for 20 percent of total shipments to the largest ports of Iran.
In addition, the group was purchased 303,000 tons of low-sulfur fuel worth $145 million during the reporting period. Because the decision of the International Maritime Organization to use low-sulfur fuel from the beginning of 2020 had to be implemented, he noted.
The CEO said that through the discussions, about half of the 30,000 tons of low-sulfur fuel needs were met domestically, and the rest was provided by foreign companies. The discussions have been also held with some Iranian startup companies to ensure that all fuel for the group's ships is provided domestically.
Khiabani emphasized that it was decided to be increased the company's capital by 33 percent. Thus, the company's capital has been increased from 16.3 trillion rials (about $390 million) to 21.5 trillion rials (about $513 million).