Hyundai Mipo Dockyard

KRX: 010620
South Korea
Hyundai Heavy Industries

"Major Iranian shipping company Islamic Republic of Iran Shipping Lines and oil producer Iranian Offshore Oil Co. have reached preliminary deals with South Korean shipyards for orders worth around $2.4 billion, people involved in the talks said Tuesday. The agreements are part of Iran’s efforts to make a comeback in global shipping after the lifting of international sanctions earlier this year, but completing the orders will depend on financing that the Iranians haven’t yet secured, the people said. 'The yards are making slots available to the Iranians starting in 2018 and 2019,' one of the people said. 'The Iranians are trying to make the 20% down payments through oil state-to-state deals to finalize the orders.' ... Islamic Republic of Iran Shipping Lines, known as IRISL, operates a fleet of container vessels, bulk carriers and tankers. It has signed a memorandum of understanding with Hyundai Mipo Dockyard, a subsidiary of shipbuilding giant Hyundai Heavy Industries Group, for up to 10 petroleum-product tankers and at least six so-called handysize bulk carriers. Product tankers cost around $30 million each and handysize bulkers around $20 million apiece." (The Wall Street Journal, “Iranian Oil, Shipping Companies Set For $2.4 Billion Ship Deals,” 6/7/2016)


"Islamic Republic of Iran Shipping Lines is negotiating with Hyundai Heavy Industries to purchase up to three mega-ships with capacities of 14,500 twenty-foot-equivalent units, sources close to the matter said. The purchase will help IRSIL break into the ranks of the world’s largest container lines by capacity. Its total capacity of 96,160 TEUs ranks it as the 22nd-largest global carrier, according to maritime analyst Alphaliner. Sources said the ships would range in cost from $120 to $130 million and represent the continuation of a relationship between the Hyundai group and IRISL. 'In 2008, IRISL ordered some ships in our sister yard, Hyundai Mipo Dockyard, but that order was suspended as sanctions kicked in,' a source at HHI said. 'Now, IRISL wants larger ships, which is under the purview of HHI.' The purchase comes after IRISL and CMA CGM in January with the signing of an agreement on terminal access, capacity sharing, and jointly operating certain routes. If HHI wins the deal, it will be the first South Korean shipbuilder to win orders from an Iranian company since the lifting of international sanctions on Iran in January." (JOC, “Islamic Republic of Iran Shipping Lines in talks for mega-ships,” 4/6/2016)