Cochin Shipyard to deliver 17 offshore orders by 2011

Cochin Shipyard Limited expects to deliver its orders of 17 offshore supply vessels and anchor handling tug supply vessels for the international owners by 2011. The report said that Cochin Shipyard aimed to deliver the orders for vessels on schedule despite the prevailing economic recession which has slackened the demand for vessels especially bulk carriers and tankers. Fleet owners worldwide were canceling orders, renegotiating orders or delaying construction schedules owing to lack of adequate funds, softening freight rates and falling prices of vessels.
A company official told Business Standard that “Despite the economic downturn, CSL expects to deliver all its orders on schedule by 2011. The downturn has mainly impacted the bulker and tanker segments of vessels and CSL exited both these segments in 2007.”
Asked on the new orders bagged by the company, the official said that CSL is in the process of negotiations with its international customers for the new orders. The shipyard aims to tide over the prevailing economic downturn by building its core strengths and concentrating on emerging opportunities like coastal security, fishing, dredging and warship building.
CSL has reached 100% capacity utilization in shipbuilding in the last few years and it plans to augment its capacity by adding a small ship division by October this year. This new facility would enable the shipyard to continue construction of commercial vessels along with the aircraft carrier project.