On 18 May, in compliance with the privatization scheme, about 2.5 percent of the equity shares of Islamic Republic of Iran Shipping Lines (IRISL) Co. IPOed by the government on Tehran Stock Exchange. IRISL Co. is the largest shipping company in the Middle East and 17th in the world. About IRISL: Iranian National Shipping Company established on August 1967 with the name of Aria Shipping Lines. By the end of 1978 the number of Aria shipping vessels was 42 with the total capacity of 525,000 DWT which proved the increasing of the sea transportation volume by Aria shipping lines and its effective role in Iran economy. At the present, the IRISL owns a fleet of 115 oceangoing vessels with more than 3.3 million DWT along with 7000 highly efficient employee both at sea and ashore and being able of transporting 22 million tones of cargo annually.