Islamic Republic of Iran Shipping Lines (IRISL) Group and South Korea's Hyundai Heavy Industries are in the final rounds of a $650-million deal to provide 10 ships to Iran, a report said.

Under the contract, Hyundai will build four 14,400 TEU container ships and six 50,000 DWT product tankers, Irna reported, citing South Korean News Agency Yonhap.

The ships will be delivered starting in the third quarter of 2018, Yonhap added.