Islamic Republic of Iran Shipping Lines (IRISL) has placed a $700 million order with Hyundai Heavy Industries Co. for four mega-container vessels and six tankers. The deal is part of a $2.5 billion fleet modernization plan by IRISL and the Iranian Offshore Oil Co., a National Iranian Oil Co. (NIOC) subsidiary. The first ships are expected to be delivered to Iran early in 2018.  In the interim, Iran has been chartering vessels, including from Greek companies.