IRISL orders domestic bulkers

The Islamic Republic of Iran Shipping Lines (IRISL) has signed a $500 million contract with Iranian shipbuilders for 16 cargo vessels and plans to enter the LNG market. IRISL is waiting for financing from Iranian banks for the fleet of 16 Panamax and Handymax bulk carriers.

Before this latest deal, the shipping company had 39 ships on order valued at $1.7 billion.

Six of these vessels are of 6,500 TEU capacity and four are of 5,000 TEU size. The company will take delivery of the ships between mid-2008 and January 2009 from Hyundai Heavy Industries and Hanjin shipyards in South Korea.

The company also has an existing order for two Panamax carriers from China and 16 double-skin Handymax bulk carriers of 53,000 DWT each. In addition, six multipurpose 25,000 DWT cargo ships are being built in China for delivery in 2009.