Hyundai builds new ships for Iran

Iran is renewing not only its air fleet but also water-crafts. After a year of negotiations, Islamic Republic of Iran Shipping Lines (IRISL) and Hyundai sign the contract for building new heavy ships for Iran with foreign financing.

Hyundai Heavy Industries, the world’s largest ship maker announced that this contract which was signed in Seoul was for the construction of mega-size 14 and 500 TEU container ships and 49000-ton oil and chemical tankers and was financed by South Korean Banks and companies.

Alongside this contract, in order to improve Iranian ship building, Hyundai Heavy Industries is to conduct a consultation and technical follow-up plan with an Iranian Shipyard by request of the IRISL.

The first ship is to be delivered by September 2018. This is the first time such a financing model has been used for an Iranian company in the post nuclear agreement period. Hyundai has agreed to finalize the plans for the training of personnel, the transfer of design, engineering, technical data and software models with an Iranian ship maker in 4 months. Hyundai has also promised to use Iranian technology and parts in the construction and equipping of the final products.