Subsidiary Of Cochin Shipyard Bags Order For Diesel Electric 3800 DWT General Cargo Vessel

On June 15, 2023, Cochin Shipyard Limited (CSL) in a press release, informed the exchange that Udupi Cochin Shipyard Limited (UCSL), a wholly owned subsidiary of Cochin Shipyard Limited (CSL) has bagged an international order from M/s. Wilson Shipowning AS, Norway, for Design and Construction of 6 Nos. new generation diesel-electric 3800 DWT general cargo vessel.

Udupi Cochin Shipyard Limited (UCSL) bags international order for Future Proof 3800T Dry Cargo Vessels for Wilson Shipowning AS

According to the Press Release, Udupi Cochin Shipyard Limited (UCSL), the wholly owned subsidiary of Cochin Shipyard Limited (CSL), the Premier Shipyard group in India, wins prestigious international order from M/s. Wilson Shipowning AS, Norway, for Design and Construction of 6 Nos. new generation diesel electric 3800 DWT general cargo vessel. The contract is signed with an option for additional 8 vessels.

The "Future proof Dry Cargo Vessel" designed by Conoship International, Netherlands shall be constructed as an Environmental friendly Diesel Electric vessel ready for installation of Wind foil units and battery hybrid systems. These vessels are intended for the transport of general cargo at inland as well as coastal waters of Europe.

Wilson Ship management AS, a company headquartered in Bergen, Norway is the largest short sea fleet in Europe and transports about 15 million tonnes dry cargo across Europe. Wilson Ship management AS, has a fleet of around 130 vessels ranging from 1500 to 8500 DWT. Udupi Cochin Shipyard Limited (UCSL) is also active in the markets for harbour tugs, offshore and fishing vessel segments.

The "Future proof Dry Cargo Vessel" Project is at an approximate cost of Rs. 580 Crores. The first vessel will be delivered by December 2024 and thereafter deliveries will be completed within March 2026.

Chairman & Managing Director of Cochin Shipyard Limited (CSL), who is also the Chairman of UCSL: "This partnership aligns with our core values of sustainability and innovation, and we are excited to contribute to the development of more eco-friendly transportation solutions. We look forward to a successful collaboration with Wilson with the potential for more future orders."

Stock Movement

Meanwhile, post the announcement, the stock of Cochin Shipyard Ltd. rallied 3.94%, ended at Rs. 579.15 apiece. The stock jumped 7.3% in 1 week. It gave positive returns over the past 5 years. Gave 86.4% positive return in 1 year, 113.63% in 3 years and 23.29% in 5 years, respectively.

The stock traded the 52 week high on December 05, 2023, at Rs. 687 apiece and 52 week low on June 20 2022, at Rs. 297 apiece, respectively.

Disclaimer - Udupi Cochin Shipyard Limited (UCSL) bags international order for Future Proof 3800T Dry Cargo Vessels for Wilson Shipowning AS. The above-mentioned information is purely informational and should not be taken as an advisory to invest. Greynium Information Technologies and the Author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before making any investment decision.