Shipyard in India Wins Order for Green Container Ships
Image of Cochin Shipyard in South India.
Cochin Shipyard jumped 5.22% to Rs 467.55 after the firm bagged an international order from NAVSHUTTLE 1 AS and NAVSHUTTLE 2 AS, Lysaker Norway, for the construction of two zero emission feeder container vessels with an option for two more vessels.
NAVSHUTTLE 1 and 2 AS are part of the Samskip Group, headquartered in the Netherlands.
The total project cost is approximately Rs 550 crore, and the first vessel is to be delivered in 28 months and the second within 34 months.
These ships can carry about 365 nos. of 45-feet long high cube containers and are intended to serve the European Market where sustainable transportation solutions are in high demand.
Cochin Shipyard is engaged in shipbuilding & ship repair. As of December 31, 2022, the Government of India held 72.86% in the company.
On a consolidated basis, the company's net profit declined 14.7% to Rs 110.40 on 32.7% fall in net sales to Rs 641.65 crore in Q3 FY23 over Q3 FY22.
Source: Business Standard