Cochin Shipyard launches 11th fast patrol vehicle for Coast Guard

So far has delivered 8 vessels in 20 vessel series and ninth vessel is getting ready for sea trials

Cochin Shipyard Limited (CSL) today launched eleventh of the 20 fast patrol vessels (FPV) being built for the Indian Coast Guard.  

The vessel, named ICGS Anagh, was launched by R Nishanthini, deputy commissioner of police, at a ceremony at the Cochin Shipyard, while MG Rajamanickam, district collector of Ernakulam, laid the keel of the vessel.  

CSL has so far delivered eight vessels in a series of 20 contracted vessels, while the ninth vessel is getting ready for sea trials.

The eighth vessel, ICGS Amartya, was handed over to the Indian Coast Guard in September.   

During  2013-14, CSL had delivered five FPVs to Indian Coast Guard and two high-end platform supply vessels to the Norwegian owners.  

The company has declared a dividend of 15 per cent (Rs 1.5 per equity share of face value Rs 10 each) amounting to Rs 17 crore.

Turnover and profit up in 2013-14
The shipyard continued to post impressive performance during 2013-14 with a turnover of Rs 1,637 crore as against the previous year’s Rs 1,554 crore. Net profit during the year was Rs 194 crore as against Rs 185 crore in the previous financial year.  

The company also contributed Rs 162.10 crore to the national exchequer in the form of value-added tax, income tax, excise duty, customs duty and service tax. During 2013-14, CSL ventured into its first major expansion through the ISRF (International Ship Repair Facility) project at the Cochin Port Trust area. CSL took over the ship repair facility of Cochin Port for a lease period of 30 years. The lease deed for the land and water area was executed on April 12, 2013. It started using the existing facility from May 2013 and has so far completed 10 repair projects.

The company is proposing to put up a ship-lift system in the area to deal with 130-meter-long vessels. The proposed ship-lift system will provide work stations for docking six ships.

The yard had already entered into MoUs with UTL and CIFNET for taking up their repair requirements in the new facility. Similar arrangements with Indian Navy and Coast Guard are in the offing.

The Ministry of Shipping has recently approved the company’s new high-density dry dock project with an investment of Rs 1,200 crore. It would soon commence work on the preparation of detailed project report (DPR) for the new dock. It is expected that with the commissioning of the new dock, the company’s prospects for taking up the construction of large-sized aircraft carriers and LNG carriers would be strengthened.

The company is also looking at the prospect of construction of dredgers for the country and was in negotiations with international firms for transfer of dredger building technology, a press release said.