IRNA – The Islamic Republic of Iran Shipping Line (IRISL) signed a Memorandum of Understanding (MoU) with two Japanese logistic and port service companies in Singapore.

Public Relations Department at the IRISL said that the MoU had been signed following meeting of the IRISL managing director Mohammad Saeedi with Japan’s Suzue Corporation and Kamigumi.

Under the MoU, the two sides will examine ways and means of building onshore ports and invest in port terminals in Iran in partnership between the two companies.

The IRISL Chief said that the IRISL ranked 23 worldwide in 2015, but its ranking was promoted to 19 in 2016.

According to the official, competition in world markets is of high importance for the IRISL and the company tries to improve its position worldwide by renovating its fleet.

“In the past one year, we have been able to regain a large portion of the share lost in the sanctions era.”