Hyundai Heavy inks $700 million deal with Iranian firm

Published : Dec 11, 2016 - 11:45 Updated : Dec 11, 2016 - 11:48

Hyundai Heavy Industries Co., a major shipyard in South Korea, said Sunday it has sealed a $700 million deal to build 10 vessels for an Iranian firm.

Under deal with Islamic Republic of Iran Shipping Lines, Hyundai Heavy will build four container ships and six petrochemical carriers. The ships will start being delivered in 2018, the company said.

A US$700 million contract-signing ceremony is held at Hyundai Heavy Industries Co.'s headquarters in downtown Seoul on Dec. 9, 2016. (Courtesy of Hyundai Heavy) (Yonhap)

The contract is the first shipbuilding order by the Iranian company following the lifting of international sanctions on Tehran earlier this year.

Besides the Iranian deal, Hyundai has additionally secured a combined $600 million worth of deals to build a submarine and a patrol ship for the South Korean Navy and maritime police, respectively. (Yonhap)