Hyundai Heavy tipped to win IRISL boxship trio

The Iranian slew of ship orders are due to get underway very shortly with South Korea’s Hyundai Heavy Industries (HHI) in pole position.

Korean media report HHI is close to sealing a contract to build three 14,500 teu boxships for Islamic Republic of Iran Shipping Lines (IRISL). The ships are thought to cost around $125m each.

This is the first of a raft of orders expected from IRISL and Iranian tanker firm NITC. The pair have been negotiating at yards in South Korea and China in recent months following the lifting of sanctions with plans afoot to order ships to the tune of billions of dollars.