Fars News Agency reported that a shipping and shipbuilding investment company, the first in the country in Iran is to be established by the Iranian Mines and Mining Industries Development and Renovation Organization to support and make maximum use of the capacity of domestic shipbuilding companies.

Mr Ahmad Qalehbani MD of IMIDRO said that IMIDRO has prepared facilities and infrastructure for building ships during its one decade support and investment in shipping industry bodies such as Arvandan, ISESCO and Sadra.

He added that “However, these capacities and investments have remained unused in the absence of legal support, failure to continue investment and less cooperation of shipping companies in ordering ships from domestic shipbuilders.”

Mr Qalehbani said that the company will be established to take maximum advantage of legal and financial capacities for improving the shipbuilding industry, help it meet domestic demand and step into global markets.