WORLD / CROSS-BORDERS
Iran to buy 10 container ships from South Korea
Published: Dec 10, 2016 12:24 PM
The Islamic Republic of Iran Shipping Lines (IRISL) signed a deal with South Korea's Hyundai Heavy Industries (HHI) to buy 10 container ships from the Korean shipbuilding company, Tasnim news agency reported on Friday.

The deal was inked between representatives of the IRISL and the HHI here on Friday.

The contract is valued at 650 million US dollars and will be financed by South Korean banks. The ships will be delivered to Iran in 2018, the report said.

The contract with HHI was part of the IRISL's plan to renovate its fleet through a total investment of 2.5 billion dollars.

The Iranian company operates about 115 oceangoing vessels, but many of the ships are aged and cannot be insured.
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