IRISL eyes London listing

Islamic Republic of Iran Shipping Lines (IRISL) is eyeing a listing on the London Stock Exchange to help push through its dramatic fleet expansion plans, according to Reuters. IRISL officials have been in the British capital recently to discuss a possible IPO.

After years of sanctions IRISL’s fleet has faded. Its 26 ships afloat today are old and worth little.

However, in December it ordered 10 new ships at Hyundai Heavy Industries for an estimated $626m and has plans to order plenty more in the coming months.