Cochin Shipyard says subsidiary wins ‘notable’ order for tugs from Adani group firm, Shares rally 3%

The company pegged the value of the order between ₹100 crore to ₹250 crore.

UCSL had earlier constructed two ASD 62 T Bollard Pull Power Tugs for Ocean Sparkle. The company reported that these tugs were delivered before the contractual delivery dates and the client has deployed the tugs at Paradeep Port and New Mangalore Port.

According to the company’s press release, the 70 T Bollard Pull Tugs will have a length of 33 metres, a Beam of 12.2 metres, and a Draft of 4.2 metres. The tugs will be propelled by two main engines of 1838 kilowatts (kW). Additionally, the tugs will have Thrusters with a diameter of 2.7 metres, Diesel Generators of 150 kW, a Forward Towing Winch, an Aft Winch, a Deck Crane with a capacity of 3 T, and an External Fire Fighting System.

The tugs will conform to the Approved Standard Tug Design and Specifications (ASTDS). Robert Allan, the design house has designed these harbour tugs. The tugs will be built under the Indian Flag and will be registered with the Indian Register of Shipping (IRS).

The company stated that UCSL is the first shipyard to contract and construct tugs confirming to ASTDS. UCSL had earlier signed a contract with Polestar Maritime for the construction of two 70 T Bollard ASD tugs, of which one has been handed out to the owners before the contractual delivery date. The second vessel is under construction at the UCSL Yard in Malpe, Karnataka.

UCSL has received a repeat order for one more tug from the client. Additionally, the company’s order book includes an order from Wilson ASA, Norway for 6, 3800 Deadweight Dry Cargo Vessels.

Shares of the company closed 0.7% lower for the day but have risen by nearly 186% since the beginning of the year. The stock has gained over 679% in the last one year.