India’s Cochin Shipyard Wins Contract To Build 3 ASD Tugs For Adani Ports

Udupi Cochin Shipyard Limited (UCSL), a wholly owned subsidiary of Cochin Shipyard Limited (CSL), has been awarded a significant contract by Ocean Sparkle Limited (OSL), an Adani Harbor Services Limited company.

The order is for three Azimuthing Stern Drive (ASD) Tugs, each with a 70-tonne Bollard Pull Power.

Shri Harikumar A, CEO of UCSL, and Shri Hiren Shah, MD and CEO of OSL, signed the agreement.

The tugs will be 33 meters long, with a beam of 12.2 meters and a draft of 4.2 meters.

They will be powered by two main engines, each rated at 1838 kW, 2.7-meter-diameter thrusters, and 150-kW diesel generators.

They will also have forward towing winches, aft winches, a deck crane, and an exterior fire fighting system (FIFI-1) capable of 2800 cubic meters per hour.

These tugs, designed by the world-renowned design firm Robert Allan Limited, will be built under the Indian flag and registered with the Indian Register of Shipping.

This new order follows UCSL’s successful delivery of two 62 T Bollard Pull ASD tugs for OSL, which were deployed ahead of schedule at Paradeep and New Mangalore ports.

UCSL’s new tugs will follow the Approved Standard Tug Design and Specifications (ASTDS) the Government of India stipulated, consistent with the Aatmanirbhar Bharat and Make in India objectives.

UCSL is the first shipyard to build tugs that fulfil these specifications.

UCSL had also previously signed contracts with Polestar Maritime Limited to build two 70 T Bollard Pull ASD tugboats.

The first vessel, christened ‘Konna Star,’ arrived on schedule and is now in operation in Kandla’s Deendayal Port.

The second vessel is now under construction at UCSL’s yard in Malpe, Karnataka.

Polestar Maritime Limited has also placed a repeat order for another 70 T Bollard Pull tug with UCSL.

Since being acquired by CSL in September 2020, UCSL has made significant progress.

The shipyard’s current order book contains six 3800 Deadweight Dry Cargo Vessels for Wilson ASA, a Norwegian business.

This recent contract with OSL strengthens UCSL’s reputation for timely and high-quality deliverables.

Cochin Shipyard Limited recently announced a significant boost in its financial performance.

In the March quarter, the company’s net profit increased by 558.823% to ₹258.9 crore from ₹39.3 crore in the previous year.

Revenue from operations increased by 114.33% to ₹1,286 crore from ₹600 crore in the same period last fiscal year.

In operating terms, EBITDA increased to ₹288.3 crore from ₹67.1 crore in the previous year.

The board recommends a final dividend of ₹2.25 per equity share for fiscal year 2023-24, subject to shareholder approval.

Despite strong financial results, Cochin Shipyard’s shares finished 0.7% lower at ₹1,943.9.

However, the stock has increased eightfold in the last year, indicating that the market is confident in the company’s future growth.

Reference: Cnbctv18, Business Standard

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Source: Maritime Shipping News