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Hyundai Heavy signs huge contract with Iran

Hard-pressed shipbuilder Hyundai Heavy Industries gets a breather as the group has secured a new contract with Iran's state-owned carrier. The South Korean yard will build ten vessels for the Iranian carrier for a sum of USD 700 million.

Photo: Lee Jin-man/AP/POLFOTO/arkiv

Iran's state-owned carrier Republic of Iran Shipping Lines (IRISL) has ordered new vessels for the first time since 2006, and the order will benefit the struggling South Korean shipbuilder Hyundai Heavy Industries.

The Korean yard will construct ten new vessels for IRISL for a total sum of USD 700 million, writes Tehran Times.

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