Hyundai Heavy Industries (HHI) Group, the world’s largest shipbuilding group, announced today that it signed contracts, financed by Korean financiers to build 14,500 TEU class containerships and 49,000 DWT product/chemical carriers with Islamic Republic of Iran Shipping Lines (IRISL), one of the biggest shipping companies in the Middle East. The signing ceremony took place at HHI Seoul office on December 9.

IRISL Signed Shipbuilding Order with Hyundai Heavy Industries Group

At the signing ceremony of the contracts, Chung Ki-sun, executive vice president of Corporate Planni - Image: HHI

The negotiations for these contracts commenced in December 2015 with mutual good will and a series of constructive meetings in Seoul and Tehran, resulted in conclusion and signing of the contracts on December 9, 2016 in Seoul.

In addition to the contracts, HHI plans to discuss and pursue technical cooperation to develop the shipbuilding industry of Iran with a local Iranian shipbuilder at the request of IRISL.

The boxships measure 366m in length, 48.2m in width and 29.9m in depth, these vessels will be built by HHI.

The product/chemical carriers are 183m long, 32.2m wide and 19.1m high. The vessels will be built by Hyundai Mipo Dockyard both in Ulsan, Korea. All of the newbuldings in this order meet the latest IMO Tier III requirement, limiting NOx emission.

The aforementioned contracts are the first shipbuilding orders as the result of successful negotiations subsequent to implementation of JCPOA in January 2016 between Islamic Republic of IRAN and P(5+1).

Source: HHI