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India takes over six Iranian vessels

Dubai: The Shipping Corporation of India (SCI) will take over six of the seven vessels belonging to recently dissolved Iranian joint venture Irano Hind Shipping.

In return for the ships SCI will take on liability for the joint venture's $88m of debt. The closure of the 39 year old JV between Islamic Republic of Iran Shipping Lines (IRISL) and SCI comes as the vessels have been struggling to secure employment and insurance in the face of continued economic sanctions on Iran from the West.

The dissolution of the company was announced earlier this month with assets expected to be divided according to the company's stakes in the JV, with IRISL holding 51% and SCI holding 49%.

SCI will purchase four of the vessels at market value whilst the remaining two ships will be bought at a reduced price.

Posted 12 April 2013

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