Hyundai Heavy Industries is in advanced negotiations for contracting the construction of 10 ships for Islamic Republic of Iran Shipping Lines (IRISL), according to unofficial information by senior managers of South Korean shipbuilder. The estimated value of the agreement is 650 million USD, including the construction of four 14,400 TEU container carriers and six 50,000 DWT product tankers. According to preliminary estimated, the expected delivery date will be in third quarter of 2018. The negotiations between the two companies are in advance stage, but the agreement is not yet signed and final value is under discussion.

“We are in consultations with the Iranian side on the possible contract but it’s not decided yet”, said unnamed official from Hyundai Heavy Industries, quoted by Korea Herald.

Islamic Republic of Iran Shipping Lines (IRISL), which operates 158 container vessels, was among the companies sanctioned for the country’s nuclear energy program. After lifting the international sanctions, the company is looking for improvement and modernization of the merchant fleet, attempting to handle increasing trade cargo.

Hyundai Heavy Industries is the world’s largest shipbuilding company, headquartered in Ulsan, South Korea. Their distribution network for solar products covers over 72 distributors and wholesalers, across over 20 different countries.