Hyundai Heavy Industries has signed a contract to build four 14,500 TEU container vessels for Islamic Republic of Iran Shipping Lines.

The deal also includes the construction of six 49,000 DWT chemical tankers by Hyundai Mipo Dockyard. All 10 ships will be built in Ulsan, South Korea.

According to HHI, the negotiations for the contracts began in December 2015.

The shipbuilder also plans to discuss technical cooperation with an Iranian counterpart to develop the shipbuilding industry of Iran.

IRISL Group operates six container services with 24 container ships, with a total capacity of 91,000 TEUs.

Economic sanctions against Iran were lifted in January 2016.

Earlier this week, flag carrier Iran Air announced that it had signed an agreement with Boeing for 80 airplanes. The airline also signed an agreement for 118 aircraft with Airbus in January 2016.