Hyundai poised to win $650m Iran ship deal

Islamic Republic of Iran Shipping Lines (IRISL) Group and South Korea’s Hyundai Heavy Industries Company are holding the final talks about a $650m deal of providing 10 ships for Iran.

The contract calls for Hyundai to build four 14,400 TEU container ships and six 50,000 DWT product tankers, South Korean News Agency Yonhap has reported.

The ships will be delivered starting in the third quarter of 2018, Yonhap added.

‘(We) are in consultations (with the Iranian side on the possible contract) but it’s not decided yet,’ Yonhap quoted an official at Hyundai as saying.

Hyundai Heavy Industries is the largest shipbuilding company in the world.