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Iran Shipping Lines Provide $10.5 Million Loan

Islamic Republic of Iran Shipping Lines (IRISL) is set to offer Astrakhan Port PJSC a $10.5 million loan to facilitate the acquisition of two ships, according to corporate documents from the port. The loan, aligned with a Memorandum of Understanding (MoU) signed on August 29, 2023, for ship sale and purchase obligations, has a two-month repayment term. The MoU, inked with Kotlin Shipping Company LLC (the seller), stipulates that the ships must be delivered by October 1. The total value of the transaction is $12.5 million, excluding VAT. At the time of the agreement, Astrakhan Port PJSC's assets were valued at RUB 1 billion 50.99 million (approximately $10.9 million).

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Astrakhan Port PJSC is a prominent player within the Astrakhan Region's port complex. The port primarily handles cargoes such as grain, metal, and sawn timber, with a capacity exceeding 1.5 million tonnes annually. It boasts five berths, totaling 750 meters in length, capable of simultaneously accommodating up to five dry cargo ships of sea/river class, each with a capacity of up to 7 thousand tonnes and a draft of up to 4.5 meters. In 2022, the port successfully managed 677.1 thousand tonnes.

Kotlin Shipping Company LLC, an active participant in sea and river transportation, has been engaged in this sector since 2011.

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