Cochin Shipyard Ltd (CSL), is setting its sights on the European coastal shipping industry, the company’s chairman and managing director recently said in an interview.
What Happened: Cochin Shipyard is keen on exploring opportunities in the European coastal shipping sector, Chairman Madhu S Nair said in a conversation with Moneycontrol. This comes on the heels of the company securing contracts to build 14 ships for two European clients last year.
“Going forward we are definitely keeping our eyes and ears open in that space,” Nair stated.
India currently holds less than 1% of the $140 billion (around ₹11.74 lakh crore) global shipbuilding market. However, the government is actively pushing to increase demand for the local shipbuilding industry, both domestically and internationally.
As part of the Maritime India Vision 2030, the shipping ministry is expected to roll out a new shipbuilding and repair policy, aiming to propel India’s shipbuilding and ship repair ranking into the top 10 globally.
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Cochin Shipyard is also shifting its focus towards green shipping, with plans to make green vessel construction a significant revenue source in the coming years. The government is working towards granting infrastructure status to the shipping industry and promoting green shipbuilding in the country.
Nair also mentioned that the government is considering various financial instruments, risk coverage instruments, and potentially even a Maritime Development Fund to boost the shipbuilding industry. “Going by the order intake over the past 2-3 years at CSL and other yards in the country, India can be looking at much better market share numbers in the coming years,” Nair added.
Price Action: Cochin Shipyard’s share price was up 2.27% at ₹2,121.40 in morning trade on Wednesday.
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