Cochin Shipyard jumps 6.5% on Rs 550 cr-order win from Samskip Group

Cochin Shipyard has bagged an order from NAVSHUTTLE 1 AS and NAVSHUTTLE 2 AS, Lysaker Norway, for design and construction of two Zero Emission Feeder Container Vessels with an option for two more vessels.

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Shares of Cochin Shipyard jumped 6.5 percent on March 20 after the company bagged a Rs 550 crore order from Rotterdam-based Samskip Group for two zero-emission feeder container vessels.

At 9:47 am, shares of the company were trading 5 percent higher at Rs 466.5 on the BSE.

The company has bagged an order from NAVSHUTTLE 1 AS and NAVSHUTTLE 2 AS, Lysaker Norway. The order is for the design and construction of two Zero Emission Feeder Container Vessels with an option for two more vessels, Cochin Shipyard said in an exchange filing.

The first vessel is to be delivered in 28 months and the second is to be within 34 months, it added.

These ships can carry about 365 of 45-feet long high cube containers and are intended to serve the European Market where sustainable transportation solutions are in high demand, Cochin Shipyard said.

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Analysts believe that the majority of the large contracts in the order book are expected to witness meaningful execution from FY24 onwards. A healthy orderbook and a strong pipeline of projects in the coming two to three years from the Indian Navy and other international customers are expected to help the state-owned company’s stock climb higher.

The scrip has fallen 25 percent in the past three months, while in the past three years, it is up 73 percent.