Iran signs first shipbuilding deal in post-sanctions era

Business Materials 9 December 2016 11:51 (UTC +04:00)

Baku, Azerbaijan, Dec. 9

By Emil Ilgar – Trend:

Islamic Republic of Iran Shipping Lines signed its first shipbuilding deal with South Korean Hyundai company on Dec.9, the official website of company reported.

According to the report, this is the first deal between Iran and a foreign company in the shipbuilding field.

Hyundai would build 14,500 TEU (twenty-foot equivalent unit- length:366m, width:48.2m, height:29.9m) container ships as well as oil products and petrochemicals carrier ships with 49,000 tons capacity. In total, Hyundai will build ten ships for Iran.

The report didn’t mention the value of deal.

South Korean companies and banks would finance the deal.

Meanwhile, Iran and South Korea plan to triple the current $6 billion trade turnover.