Cochin Shipyard shares surge as subsidiary wins major order

3 Jun 2024 , 01:05 PM

Cochin Shipyard’s subsidiary secured a significant order as a result of which the share price raised today. The shares were trading at ₹2,046, marking a rise of 5.05% on the NSE.

Udupi Cochin Shipyard Limited (UCSL), a wholly owned subsidiary of Cochin Shipyard Limited (CSL), won an order from Ocean Sparkle Limited (OSL), part of Adani Harbor Services Limited.

The contract involves constructing three Azimuthing Stern Drive (ASD) Tugs, each with 70 T Bollard Pull Power. Previously, UCSL had built and delivered two 62 T bollard pull ASD tugs for OSL ahead of schedule, which are now deployed at Paradeep Port and New Mangalore Port.

The new 70 T Bollard Pull Tugs will measure 33 meters in length, 12.2 meters in beam, and 4.2 meters in draft. These tugs will be equipped with two main engines of 1838 kW, 2.7-meter diameter thrusters, 150 kW diesel generators, forward towing winch, aft winch, 3-ton deck crane, and an external fire-fighting system (FIFI-1 2800 Cu Mtr per Hr).

UCSL also signed contracts with Polestar Maritime Limited for two ASD tugs of 70 T Bollard Pull.
The first vessel, ‘Konna Star’, was delivered ahead of schedule and is now operational at Deendayal Port, Kandla. The second vessel is currently under construction at the UCSL yard in Malpe, Karnataka.

Polestar Maritime Limited has placed a repeat order for another 70 T Bollard Pull tug. Mr. Madhu Nair, CMD of CSL and Chairman of UCSL, expressed satisfaction at being chosen again by Ocean Sparkle Limited and Polestar Maritime Limited for constructing tugs to enhance their fleet.

Cochin Shipyard reported a significant year-on-year increase in net profit, reaching ₹258.90 Crore, with revenue up by 114.3% YoY to ₹1,286 Crore. Cochin Shipyard is the largest public-sector shipyard in India, engaged in shipbuilding and repair of ships and offshore rigs, with major revenue derived from naval vessel construction, Coast Guard projects, commercial shipbuilding, and vessel repair services.

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