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By Trend

Islamic Republic of Iran Shipping Lines (IRISL) plans to renovate its fleet within five years, Amirsaman Torabizadeh, Technical & Commercial Director of IRISL, said.

The sate-run company plans to replace 49 ships with new ones according to a 5-year development plan, Torabizadeh said, the IRISL said in a message on October 16.

He further said that besides domestic capacities, IRISL will cooperate with foreign ship-building companies to materialize the plan.

Torabizadeh added that Chinese and South Korean LCs will be used in this regard.

In December, 2016 South Korean shipbuilder Hyundai Heavy Industries Co Ltd received a $650-million order to build 10 ships for IRISL. Under the deal, the Korean company will build container ships and tankers for Iran’s state-owned shipping company. The deal was the first shipbuilding order by the Iranian firm since the lifting of international sanctions off Iran.

IRISL also has signed a deal with another South Korean shipbuilder, Daewoo to establish a shipbuilding company in a joint venture with the Industrial Development and Renovation Organization of Iran (IDRO) and National Iranian Tanker Company (NITC).

Since 1983, Daewoo has delivered 38 ships, worth $1.65 billion to Iranian companies.

IRISL operates about 115 ocean-going vessels, but many of the ships are aged and cannot be insured.

During the sanctions, over 85 percent of Iranian cargos were transported by IRISL, Torabizadeh said.

He added that the first new vessels will be imported during the first three months of 2018, expressing hope that the new ships will help the company to reclaim its share in international logistics market.

The company has established new shipping lines and is restoring its pre-sanction position, Torabizadeh added.

He also announced that IRISL will launch a container shipping line from Asia to Europe and vice versa.

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