Over the next four years Iraq will expand its fleet by ordering eight cargo ships. Presently they own only one cargo ship.
In December, the Iraqi government signed a $73 million contract with South Korea’s Daesun Shipbuilding & Engineering Co. for three vessels due for delivery in 26 months, reports Bloomberg.
In the next two weeks the government will receive a $14 million cargo vessel built by Avic Dingheng Shipbuilding Co. of China. The ship “Baghdad” will have a capacity of 7,800 metric tons.
Given that Iraq holds the world’s fifth-largest crude deposits and not enough ships to transport the crude, they will try to rebuild the economy by expanding their fleet.
[mappress]
Shipbuilding Tribune Staff, April 17, 2012; Image: avicdh