TEHRAN-- The managing director of Bonyad Shipping Company said that our country is now paying more than $500 billion for sea transportation to foreign companies due to lack of private and government investment in the field. Pointing to the potential of the country, Behzad Seifollahi added, "Ninety-five percent of the country's goods shipping is by sea, but our participation in the field is extremely weak." Referring to lack of information of investors and financial institutions about the shipping industry, Seifollahi said, "The private sector is unable to participate in this field because of the lack of loans and guarantees." Speaking at a press conference here on Monday, he added, "Misinformation and lack of technology are the major factors behind our weakness in this huge industry." Underlining the necessity of protecting Iranian companies, he said, "We are very concerned about this sector and are doing our best to increase knowledge and upgrade techniques."

He announced the recent berth of a huge cargo ship carrying 150,000 tons of goods at the Imam Khomeini Port for the first time. Seifollahi said that a ton of goods that used to cost $14.50 to transport will now cost $13 to transport using huge cargo ships.