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Iran plans to invest US$120 billion to expand its shipping fleet
IRAN's Islamic Republic of Shipping Lines (IRSL) plans to purchase containerships with a total capacity of 579,000 TEU, including 14,000-TEU vessels to compete with the industry's top shipping lines.
The shipping line is also in the market for two million deadweight tons (dwt) of dry bulk vessels and 1.6 million dwt of tankers. IRSL's current fleet includes 87 ocean-going vessels and an additional 28 vessels under the flag of its subsidiaries.
The head of IRSL, Mohammad Saidi, said all the new ships will be operational by 2020 and that the funding for the US$120 billion fleet expansion campaign will come from billions in frozen oil revenues in international banks which are expected to be released once the US-led sanctions are lifted, reported The Maritime Executive.
Iran is expected to place most of its orders in China, as relations with China and Chinese banks will allow IRSL to place favourable orders at Chinese shipyards.
The shipping line is also in the market for two million deadweight tons (dwt) of dry bulk vessels and 1.6 million dwt of tankers. IRSL's current fleet includes 87 ocean-going vessels and an additional 28 vessels under the flag of its subsidiaries.
The head of IRSL, Mohammad Saidi, said all the new ships will be operational by 2020 and that the funding for the US$120 billion fleet expansion campaign will come from billions in frozen oil revenues in international banks which are expected to be released once the US-led sanctions are lifted, reported The Maritime Executive.
Iran is expected to place most of its orders in China, as relations with China and Chinese banks will allow IRSL to place favourable orders at Chinese shipyards.
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