Iraq Plans to Order Eight New Cargo Vessels

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