TEHRAN – The Administered Funds Committee of the Iranian Ports and Shipping Organization (PSO) has granted Rls.130 billion of participation subsidies plus Rls.1230 billion of banking facilities for building 90 vessels.

The fleet of vessels includes five tug boats, 59 landing crafts and 26 other types of sea vessels.

Ali Jahandideh, the deputy managing director of the PSO in administrative and financial affairs, said that the committee is determined to encourage the owners of non-standard passenger vessels in southern parts of the country to replace their ships with modern and secure vessels.

“Providing harbor facilities for speedy stevedoring is one of the other objectives of the PSO, for which some Rls.150 billion has been granted to the companies involved in loading and unloading operations.

“This will not only reduce the operating costs and boost stevedoring capacity, but also will minimize the ships’ touch time in the ports,” he explained.

According to the reports, in order to increase private sector participation, the PSO Administered Funds Committee has transferred parts of its responsibilities to the coastal provinces.