Cochin Shipyard gains after conducting plate cutting ceremony

Cochin Shipyard rose 1.70% to Rs 362.25 after it announced a plate cutting ceremony of the two autonomous electric vessels built for ASKO Maritime AS, Norway on 25 November 2020.

The plate cutting ceremony is one of the initial milestones in the vessel construction process. The announcement was made after market hours yesterday, 25 November 2020.

Cochin Shipyard signed contracts for the construction and supply of two autonomous electric ferry for ASKO Maritime AS, Norway with an option to build two more identical vessels in 15 July 2020. This autonomous electrical vessel project in Norway is partially funded by the Norwegian Government aimed at emission-free transport of goods across the Oslo fjords. Once in operation, these vessels would emit zero carbon emission.

The 67-metre long vessels will initially be delivered as a full-electric transport ferry, powered by 1,846 kWh (kilowatt per hour) capacity battery. After commissioning of autonomous equipment and field trials in Norway, it will operate as a fully autonomous ferry of ASKO that can transport 16 fully loaded standard EU trailers in one go across the fjords.

Cochin Shipyard is the largest shipbuilding and maintenance facility in India. It is part of a line of maritime-related facilities in the port-city of Kochi, Kerala. As of 30 September 2020, the Government of India held 72.86% stake in the company.

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