Iran's IRISL inks contracts for construction of 10 vessels worth USD86M

(MENAFN) The Islamic Republic of Iran Shipping Lines (IRISL) has inked contracts valued at USD86 million with domestic manufacturers to construct 10 vessels for the country's shipping fleet, as per a report by an Iranian news agency.

According to Mohammadreza Modares-Khiabani, the Head of IRISL, four of the vessels will be built by Sadra Neka Shipbuilding Industries, while Arvandan Shipbuilding Industries will undertake the construction of the remaining six vessels. This significant investment underscores Iran's commitment to bolstering its maritime capabilities and enhancing the efficiency and capacity of its shipping fleet.

Negotiations are currently underway to finalize a contract for the construction of an additional four vessels, valued at approximately USD75 million, with another domestic manufacturer, revealed the official. The planned expansion of Iran's shipping fleet signals a strategic initiative aimed at strengthening the country's maritime infrastructure and fostering economic growth and development.

The collaboration between IRISL and domestic shipbuilding industries reflects Iran's efforts to promote domestic manufacturing and enhance self-sufficiency in key sectors such as maritime transportation. By investing in the construction of new vessels within the country, Iran aims to stimulate job creation, boost industrial output, and reduce dependency on foreign imports in the maritime sector.

The procurement of new vessels is expected to bolster Iran's capabilities in maritime trade and logistics, enabling the country to navigate more effectively in international waters and compete more competitively in the global shipping market. As Iran continues to invest in the modernization and expansion of its shipping fleet, it underscores the nation's commitment to advancing its maritime industry and asserting its presence on the international maritime stage.

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