(MENAFN) There's a huge possibility of starting a major tanker line for shipping oil products and petchem from East Asia to West Africa, amid the latest contract which was struck between Singapore and Iran.
In more detail, the vital agreement was closed between Singapore's Pacific International Lines (PIL) and the Persian Gulf nation's Islamic Republic of Iran Shipping Lines (IRISL), according to the latest reports.
IRISL currently has a fleet of 160 container vessels, dry bulk carriers and tankers with a capacity of over 5 million TEUs, thus this deal will cause a rise in Iran's state incomes and expand the abilities of East Asian shipping services.
Furthermore, the agreement, which was signed during a 3-day visit to Iran by Singapore's Trade Minister, further calls for offering shipping services to container and general cargo liners as well as cooperation on shipbuilding.
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