Cochin Shipyard eyes 10% growth in shipbuilding

Cochin Shipyard Limited (CSL) has targeted 10 per cent growth in shipbuilding in the current financial year.

During 2005-06, CSL registered the highest shipbuilding achievement at 101,663 DWT (dead weight tonnage) in its 33-year history.

Apart from an order to build the first Air Defence Ship (ADS) for the Indian Navy and a handful of overseas orders from companies like Clipper Group of Bahamas, CSL has bagged orders for 12 Platform Supply Vessels (PSV) from two Norwegian firms "� eight from Deep Sea Supply ASA and two from NFC.

Addressing a gathering in connection with the launch of three vessels at the shipyard, M Jithendran, chairman and managing director of CSL, said the company was confident of achieving the growth target in the current fiscal as it was expecting new orders from abroad.

CSL earned a net profit of Rs 18.23 crore during 2005-06, up 30 per cent from Rs 12.10 crore in the previous fiscal. The networth of the company stood at Rs 284.85 crore as on March 31, 2006, compared with Rs 266.62 crore at the end of the previous fiscal.

CSL has also secured a contract for repairing three rigs of ONGC. One of the rigs, Sagar Vijay, is ready to sail out shortly. The company, which has signed a contract worth Rs 372 crore, has been able to perform well on the repair front with one dry dock, he said.

Jithendran said CSL would give top priority to upgradation of the Marine Engineering Training Institute (METI).

The three ships launched today include bulk carrier "� Clipper Trust "� for Clipper Group of Bahamas, ninth fire fighting tug for ATCO of Saudi Arabia and second Platform Supply Vessel for Deep Sea Supplies, Norway.

He said that during the current year, CSL had already delivered three fire fighting tugs for ATCO and had launched the building of first PSV for Seatankers, Cyprus.

CSL's present order book consists of four 30,000 DWT bulk carriers and 12 PSVs. The company has targeted the completion of ADS by 2009.

Clipper Target has an overall length of 178.70 metres and a speed of 14.3 knots. The dead weight of the ship is 29,300 tonne and gross tonnage is 20,000.