Cochin Shipyard zooms ~3% as arm secures new contract worth Rs 580 crore

15 Jun 2023 , 01:50 PM

Cochin Shipyard zooms ~3% as arm secures new contract worth Rs 580 crore

Cochin Shipyard Limited informed that its wholly-owned subsidiary, Udupi Cochin Shipyard Limited (UCSL), secured an international contract from Wilson Shipowning AS, Norway.

The order received is for the design and construction of 6 new generation diesel-electric 3800 DWT general cargo vessels. The company further said that the contract includes provision for additional 8 vessels.

Following this development, Cochin Shipyard is trading 2.29% higher at Rs 561.45, against the previous close of Rs 548.90 on NSE. The counter touched an intraday high of Rs 567.

Conoship International’s ‘Future Proof Dry Cargo Vessel’ will be built as a diesel-electric vessel, ready for the installation of wind foil units and battery hybrid systems. These vessels are designed to transport general cargo in Europe’s inland and coastal waters.

Wilson Ship Management AS, headquartered in Bergen, Norway, operates one of Europe’s largest short-sea fleets, transporting approximately 15 million tonnes of dry cargo across the continent. It operates a fleet of approximately 130 vessels ranging in size from 1500 to 8500 DWT.

The ‘Future Proof Dry Cargo Vessel’ project is estimated to cost Rs 580 crore. The first vessel will be delivered in December 2024, with the remainder delivered by March 2026.

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