Shares of Cochin Shipyard Ltd surged 4% and hit a 52-week high of Rs 2,100 on 3 June after the company’s subsidiary announced securing an order in the range of Rs 100 and Rs 250 crore. 

An order has been placed with Udupi Cochin Shipyard Limited (UCSL), a wholly-owned subsidiary of Cochin Shipyard Limited (CSL), by Ocean Sparkle Limited (OSL), an Adani Harbor Services Limited Company.

The order is to construct three ASD (Azimuthing Stern Drive) Tugs of 70 T Bollard Pull Power. UCSL has previously contracted for the construction of two 62 T bollard pull ASD tugs for OSL.

The company claims that OSL has placed both of these tugs into service at Paradeep Port and New Mangalore Port following UCSL’s early delivery of them.

The upcoming 70-ton Bollard Pull Tugs will measure 33 meters in length, 12.2 meters in beam, and have a draft of 4.2 meters. These tugs will be powered by two main engines with a capacity of 1838 kW each. They will also feature thrusters with a diameter of 2.7 meters, diesel generators producing 150 kW, a forward towing winch, an aft winch, a deck crane with a load capacity of 3 tons, and an external fire fighting system capable of pumping 2800 cubic meters per hour (FIFI-1).

UCSL previously entered into agreements with Polestar Maritime Limited to build two ASD tugs with a Bollard Pull capacity of 70 T. The initial tug has been delivered to the owners ahead of schedule. This vessel, known as ‘Konna Star’, is now operational at Deendayal Port in Kandla.

Currently under construction is the second vessel in the series at the UCSL yard in Malpe, Karnataka. A repeat order for the construction of an additional 70 T Bollard Pull tug has also been granted to UCSL by Polestar Maritime Limited.

Madhu Nair, CMD, CSL, and Chairman of UCSL, said, “We are extremely happy to be chosen again as the preferred partner by Ocean Sparkle Limited and Polestar Maritime Limited for the construction of tugs for augmenting their fleet. Both CSL and our subsidiary UCSL are committed to delivering high-quality tugs benchmarking construction cycle time with emphasis on sustainable solutions, to serve the evolving maritime eco system.” 

At 12:20 pm, the shares of Cochin Shipyard were trading 3.91% higher at Rs 2,023.75 on NSE.