Hyundai Near Deal With Iran for 10 Ships
Hyundai Heavy Industries Co. (HHI), a major shipyard in South Korea, looks set to clinch a deal with Iran to supply 10 ships, says a report in Yonhap.
The contract, valued at USD650 million, will see Hyundai supply the Islamic Republic of Iran Shipping Lines, (IRISL) with four 14,400 TEU container ships and six 50,000 DWT product tankers, the Korea Herald reported.
The vessels are expected to be delivered to Iran in the third quarter of 2018.
If signed, the contract will be Iran's first deal with a foreign shipbuilder since the lifting of international sanctions on the Middle Eastern nation. Iran is seeking a series of ship-related contracts via the IRISL to handle increasing trade cargo.
Yonhap reported that Hyundai officials were cautious about the matter. "(We) are in consultations (with the Iranian side on the possible contract) but it's not decided yet," an unnamed Hyundai official was quoted as saying.
IRISL, which operates 158 container vessels, was among a number of companies sanctioned over Tehran’s nuclear energy program.
The Korea Times reported in May that the second largest shipbuilder in the world and one of the "Big Three" shipbuilders of South Korea, Daewoo Shipbuilding & Marine Engineering, signed a memorandum of understanding with the Iranian government to run Iran Shipbuilding & Offshore Industries Complex.
Under the agreement, DSME will also transfer manufacturing technology to the Iranian shipbuilder, the report added.
