Islamic Republic of Iran Shipping Lines (IRISL) is ordering 10 bulk carriers from Singapore-listed Yangzijiang Shipbuilding, according to the Wall Street Journal.

The Chinese yard is taking on the $300m order to build a series of 82,000 dwt ships all to be delivered in early 2017.

Yangzijiang, which tends to issue releases to the Singapore Exchange, on any significant order, has yet to confirm the deal.

The order comes as IRISL prepares for sanctions to be lifted against it, allowing it to urgently renew its ageing fleet. IRISL has faced sanctions from the west for the best part of six years now, but these are expected to be lifted shortly.