Cochin Shipyard to establish repair hub on Western coast

Cochin Shipyard, after designing a maritime cluster in Kochi, is exploring the development of additional facilities on the western coast of the country for the repair of passing vessels, revealed Madhu S Nair, Chairman and Managing Director of CSL. Nair stated that discussions and feasibility studies are currently underway for the project. He mentioned that India's current share in the $ 25-30 billion global ship repair market is merely one percent. The initiative to establish ship repair clusters aligns with the government's efforts under Maritime India Vision 2030. According to Nair, CSL commands approximately 50 percent of the market share in the Indian repair industry. Nair disclosed that CSL is set to commence operations at the new dry dock in Kochi, inaugurated by Prime Minister Narendra Modi, by May. He expressed the intention to initiate the assembly phase of a new dredger, contracted for the Dredging Corporation of India at a cost of Rs 9.2 billion, in the dry dock. Providing insights into the financial performance, Nair reported a 62 percent growth in turnover in the third quarter, reaching Rs 10.21 billion compared to the corresponding quarter of the previous fiscal year. The Profit After Tax (PAT) also saw a significant increase of 110 percent, reaching Rs 2.48 billion. Nair attributed this success to the completion of naval and other shipbuilding projects. He expressed optimism, stating that if everything progresses as planned, the yard anticipates achieving its highest turnover ever from both shipbuilding and ship repairs. In terms of subsidiaries, Udupi CSL secured contracts for tugs and European short sea vessels, while Hoogly CSL secured contracts for electric inland vessels. Nair highlighted that the three ship repair units in Mumbai, Kolkata, and Port Blair collectively contributed Rs 2 billion to the turnover.