TEHRAN- Through the arrival of the first vessel Iran has purchased from South Korea on March 2018, the average life of the Islamic Republic of Iran Shipping Lines (IRISL)’s fleet will be reduced to 12 years from the current 16 years, according to IRISL managing director.

As Mohammad Saeedi announced, the rest nine vessels will be delivered to IRISL some 10 months after the delivery of the first one, Tasnim news agency reported.

In December 2016, IRISL signed an agreement with South Korea’s Hyundai Heavy Industries Company, Ltd. (HHI) based on which the S. Korean company will build mega-container vessels as well as tankers for carrying petroleum products for Iran.

“Maritime Transportation accounts for more than 87 percent of Iran’s trade,” according to Saeedi.

MA