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Hyundai Heavy near deal with Iran for 10 ships: media

Dec. 3, 2016 - 11:21 By Park Ga-young
Hyundai Heavy Industries Co., a major shipyard in South Korea, looks set to clinch a deal with Iran to supply 10 ships, a news report said Saturday.

Under the expected contract, valued at US$650 million, with the Islamic Republic of Iran Shipping Lines (IRISL), Hyundai will build four 14,400 TEU container ships and six 50,000 DWT product tankers, according to TradeWins, a global shipping news service.

This undated file photo, provided by Hyundai Heavy Industries Co., shows a container ship. (Yonhap)

The ships will be delivered starting in the third quarter of 2018, it added.

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.

Hyundai officials were cautious about the issue.

"(We) are in consultations (with the Iranian side on the possible contract) but it's not decided yet," a company official said. (Yonhap)