TEHRAN – Managing Director of the Islamic Republic of Iran Shipping Lines (IRISL) Mohammadreza Modares-Khiabani said his company’s net profit has increased significantly over the past four years, IRNA reported on Wednesday.

Speaking at the IRISL annual assembly, Modares-Khiabani said expanding and renewing the fleet is the company’s main priority in the coming years.

“Considering the average age of the fleet which is 18 years, it is necessary to modernize it, and for this reason, the Islamic Republic of Iran Shipping Lines has ordered the construction of four multi-purpose vessels to the "Sadra Neka" shipbuilding company in north of the country,” the official said.

He put the approximate value of the contract for the construction of the mentioned vessels at $55 million.

EF/MA