'Phase 2 of the expansion [54 vessels from 2008-12] will go to the market in the fourth quarter of 2005,' IRISL managing director Ali Afshar Afkhami told MEED in mid-June. 'We are ready to go now but are waiting for improved steel prices. We have studied international shipyards and know which we will invite. At least one contract will be tendered this year but some will wait for 2006.' The 54 vessels planned by IRISL include 20 new Handymaxes, 10 general cargo carriers, 20 liquid chemical carriers and four LNG carriers.

In addition to the new-build chemical carriers under the phase 2 programme, IRISL will secure new capacity through a recently-formed joint venture with National Iranian Tanker Company (NITC) and the local International Petrochemical Commercial Company, which will have a 20-vessel fleet, 10 of which have been ordered from shipyards and 10 bought second hand.

Afkhami said the sharp ramp-up in liquid chemical exports from Iran, forecast to reach 16 million tonnes a year by 2015, will require an additional 100 vessels, of which IRISL is looking for 40.

For LNG exports, IRISL hopes to set up a joint venture with NITC and Iranohind Shipping Company, itself a joint venture between IRISL and Shipping Company of India, to build half the ships needed for Iran's proposed LNG project with India (see page 11). Indian shipbuilders would have the rights to the other half.

IRISL signed agreements last year with Iran Shipbuilding & Offshore Industries Company (Isoico)and Iran Marine Industries Company (Sadra)to build six Panamax and 10 Handymax vessels.