Iran's container line forms venture with Chinese player shortly before sanctions

Iran's state-owned container carrier has entered a collaboration with Chinese company to operate the carrier's for new container ships, reports Alphaliner. The new joint venture is announced shortly before US sanctions against Iran take effect.

Photo: Islamic Republic of Iran Shipping Lines

State-owned container carrier IRISL, Islamic Republic of Iran Shipping Lines, has reached an agreement with China's Reach Group for the Iranian carrier's four new container vessels.

The new company, Reach Shipping Lines, will operate the four vessels of 14,508 teu each, which will be delivered to IRISL in August of this year, writes Alphaliner. The company is part of Shanghai based Reach Group, which according to the analyst firm has close ties to IRISL.

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