VOL. XLI

No. 36

7-September-1998

IRAN

Iran Modernizes Its Commercial Fleet

The Islamic Republic Shipping Line has ordered 27 new vessels worth $750mn in an effortto modernize Iran's commercial fleet. South Korea will build 10 multipurpose vessels andChina another five, all due to be delivered by 2000. The remaining 12 vessels will bebuilt by local companies in Iran - six by Sadra International, four oil tankers bySadra-Negar and two oil tankers by Arvandan-e-Iran.