HHI Receives $650 mln Order from Iran for 10 ships

Posted On: 12-12-2016

South Korean shipbuilder Hyundai Heavy Industries Co Ltd received a $650 million order to build 10 ships for Iran's state-owned shipping company, South Korea's Yonhap News Agency reported on Saturday, citing a Hyundai Heavy spokesman.

The company will build container ships and tankers for Islamic Republic of Iran Shipping Lines, with delivery starting in 2018, Yonhap cited the spokesman as saying. The number of each type of ship was not disclosed.

The deal was signed on Friday and was the first shipbuilding order by the Iranian firm since the lifting of international sanctions, Yonhap said.

A Hyundai Heavy spokesman declined to comment when contacted by Reuters.