Economy, Business And Markets

IRISL Plans to Expand Shipping Fleet

IRISL Plans to Expand Shipping FleetIRISL Plans to Expand Shipping Fleet

Islamic Republic of Iran Shipping Lines is planning to expand its shipping fleet by the end of 2020 by utilizing mega-size container ships and Ultramax class bulker carriers, announced the managing director of IRISL, Mohammad Saeedi. IRISL—once a global shipping power—was severely hit by prolonged sanctions imposed over Iran’s nuclear program. The lifting of sanctions in mid-January as part of a July deal reached between Tehran and the world powers has paved the way for IRISL’s resurgence and cooperation with international companies. IRISL has so far reached four agreements and signed 30 memoranda of understanding on cooperation with American, Asian and European shipping firms, Bourse Press reported. The company’s maritime fleet consists of 115 oceangoing vessels. IRISL Group is currently the world’s 22nd largest containership operator with a 97,871 TEU capacity, placing it between the Hong Kong-based shipping lines of KMTC (102,245 TEU) and SITC (88,467), according to the global shipping monitor Alphaliner’s ranking of top 100 shipping firms.


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