Hindustan Shipyard bags Rs 1750cr order

Visakhapatnam-based Hindustan Shipyard Limited (HSL) has secured massive orders for building 16 bulk cargo ships from Chennai-based Goodearth Maritime Limited (GML).

Goodearth has five bulk carriers with a combined capacity of 2.3 lakh DWT (dead weight tonnage). GML will spend about Rs 1,750 crore over the next eight to 10 years for acquiring bulk carriers.

According to an understanding between the two firms, in first phase, HSL will build 10 bulk carries (four 30,000 DWT and six 53,000 DWT vessels) at a cost of Rs 1,000 crore, and in second phase it will build six vessel of 53,000 DWT each at a cost of about Rs 750 crore, T Subba Rao, general manager, GML, told mediapersons.

The first series of 10 vessels will join the fleet of GML over the next four to five years. Of the remaining six vessels, HSL will deliver one every six months, according to Rao.

In fact, HSL had already started building two vessels a few months back and one of them will be ready to sail by next March-April. Meanwhile, work on another vessel of 30,000 DWT began with laying of a keel at HSL.

P B Anandam, chairman, GML and Rear Admiral Ajit Tiwari, chairman, HSL, participated in the keel-laying ceremony here.

Currently, GML's turnover is about Rs 350 crore. "Once the first series of 10 vessels join our fleet our turnover will touch Rs 1,200-1,500 crore a year," Rao said.