IRISL Four-Month Revenues Up 66% YOY to $360 Million

EghtesadOnline: The Islamic Republic of Iran Shipping Lines earned about $360 million during the first four months of the current year (March 21-July 22) to register a 66% rise in revenues compared with the corresponding period of last year.

News ID: ۷۸۶۸۱۴

08 August 2021

Revenues gained through container shipping increased by 54% from $175 million of last year’s corresponding four-month period to $270 million this year, as income from bulk shipping grew by 117% from $41 million to $89 million in the current fiscal year, Mana.ir reported.

IRISL ranks 15th in Alphaliner’s rankings of leading carriers with a consolidated capacity of over 148,000 TEUs and a 0.6% share of global shipping.

The shipping line ranks first in Iran’s transportation industry.

“In terms of fleet capacity owned by Iranian companies, the Islamic Republic of Iran always stands among the top 20 countries," Managing Director of Iran's Ports and Maritime Organization Mohammad Rastad has been quoted as saying.

The Islamic Republic of Iran Shipping Line Group earned $778 million from shipping activities during the fiscal month ended June 20.

According to a report read by IRISL senior official at the company’s annual general meeting, a mandatory yearly gathering of the company’s interested shareholders, Iran’s top shipping company transported 23 million tons of cargo over the period despite being under a series of harsh US sanctions and the outbreak of coronavirus.

US sanctions imposed on Iran’s shipping network took effect on June 8, 2020. Former US secretary of state, Mike Pompeo, in a statement warned commercial and maritime industries, governments and others that they risked US sanctions if they did business with the Islamic Republic of Iran Shipping Lines and its Shanghai-based subsidiary, E-Sail Shipping Company, Reuters reported.

While US enforcement of sanctioned Iranian oil trade has left tankers a highly visible compliance target, tracked by government agencies and industry alike, Iran’s container fleet has sailed under the political radar and continued to quietly trade with international partners, Lloyd’s List wrote on June 29, adding that only a handful of IRISL’s sanction fleet have remained at anchor or hidden with no Automatic Identification System signal while the rest have regularly shuttled between Iran and China, Malaysia and UAE, and several have regularly called at EU ports.

Of its subsidiaries, Khazar Sea Shipping Lines, carried 1.7 million tons of cargo, Bulk Carrier Company accounted for 60 billion ton miles and Container Transportation Company transported 626,000 TEU containers over the year to June 21.

IRISL Multimodal Transportation Company handled 977,000 tons of bulk goods and 2,183 TEU containers over the period. It accounted for 20% of transportation of all Iranian major ports during the period; with 19% share in southern ports’ market and 27% of northern ports’ market.

The company purchased 303,000 tons of low sulfur fuel oil for use by ships worth $145 million during the period under review.

Over half of monthly 30,000 tons of fuel consumed by the shipping line is supplied by domestic producers; the remaining has to be met through imports, Fars News Agency reported.

The Islamic Republic of Iran Shipping Lines was established in 1967 and commenced its commercial operation by employing two home trade vessels and four larger ocean-going vessels.

Presently, IRISL Group with around half a century experience in worldwide marine transportation field and employing a reliable international network is well-known to its clients as their global partner, capable in performing a wide spectrum of services and steps up beyond expectation of customers, reads an introduction on the group's website.

Covid-19 vaccination of Iranian sailors and mariners began on August 7. Some 85,000 sailors have registered in the Health Ministry’s vaccination system and will receive their shots regardless of the age criteria, Changiz Javadpour, an official with Ports and Maritime Organization of Iran, told the news portal of the Ministry of Roads and Urban Development.