The Islamic Republic of Iran Shipping Line (IRISL) Group, the biggest player in Iran’s transportation sector, gained $431 million from international maritime transportation during the first five months of the current year (March 21-Aug. 22), which indicate a 100% increase compared with the corresponding period of last year, according to Mohammad Reza Modarres-Khiyabani, the managing director of IRISL.
“IRISL Group’s share in Iran’s maritime transport has reached 21% in the current year [started March 21] compared with 18% in the last year [2020-21] and 20% in the fiscal 2019-20. Last year, 80% of demand for low-sulfur fuels by IRISL fleet was met through Shazand Oil Refinery. We hope to increase this amount to 95% in the current year,” he was quoted as saying by IRNA.
Noting that despite sanctions, IRISL ranks 14th among leading international carriers, the official said the IRISL fleet consists of 150 vessels, of which 32 are bulk carrier ships, 30 container ships, 22 general cargo vessels, 18 offshore vessels offering operational services and providing passenger services, two roll-on/roll-off vessels and three barges whose capacity stands at 5.3 million tons (175,000 TEU).
IRISL earned $778 million from shipping activities during the first quarter to June 21.
According to a report read by IRISL senior officials at the company’s annual general meeting, a mandatory yearly gathering of the company’s interested shareholders, Iran’s top shipping company transported 23 million tons of cargo over the period despite facing a series of harsh US sanctions and the outbreak of coronavirus.
US sanctions imposed on Iran’s shipping network took effect on June 8, 2020. Former US secretary of state, Mike Pompeo, in a statement warned commercial and maritime industries, governments and others that they risked US sanctions if they did business with the Islamic Republic of Iran Shipping Lines and its Shanghai-based subsidiary, E-Sail Shipping Company, Reuters reported.
While US enforcement of sanctioned Iranian oil trade has left tankers a highly visible compliance target, tracked by government agencies and industry alike, Iran’s container fleet has sailed under the political radar and continued to quietly trade with international partners, lloyd’s List wrote on June 29. It added that only a handful of IRISL’s sanction fleet have remained at anchor or hidden with no Automatic Identification System signal — the rest have regularly shuttled between Iran and China, Malaysia and UAE, while several have regularly called at EU ports.
Of its subsidiaries, Khazar Sea Shipping Lines, carried 1.7 million tons of cargo, Bulk Carrier Company accounted for 60 billion ton miles and Container Transportation Company transported 626,000 TEU containers over the year to June 21. IRISL Multimodal Transportation Company handled 977,000 tons of bulk goods and 2,183 TEU containers over the period.
IRISL accounted for 20% of transportation of all Iranian major ports during the period, with a 19% share in southern ports’ market and 27% of northern ports’ market.
The company purchased 303,000 tons of low sulfur fuel for use by ships worth $145 million during the period under review.
Over half of the monthly 30,000 tons of fuel consumed by the shipping line are supplied via domestic producers and the remaining has to be met through imports, Fars News Agency reported.
The Islamic Republic of Iran Shipping Lines was established in 1967 and commenced its commercial operation by employing two home trade vessels and four larger ocean-going vessels.
Presently, the IRISL Group with around half a century experience in worldwide marine transportation field and employing a reliable international network is well known to its clients as their global partner, capable in performing a wide spectrum of services and even beyond the expectation of customers, reads an introduction on the group's website.
