Cochin Shipyard Ltd


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Cochin Shipyard Ltd Company background

Founded in: 1972
Managing director: Madhu Sankunny Nair
Cochin Shipyard Ltd (CSL) is mainly engaged in the construction of vessels and repairs and refits of all types of vessels including upgradation of ships, periodical layup repairs and life extension of ships. The company has built and repaired some of the largest ships in India. Over the years, CSL has successfully responded to fluctuations in the shipbuilding requirements of the markets and have evolved from building bulk carriers to smaller and more technically sophisticated vessels such as Platform Supply Vessel (PSV) and Anchor Handling Tug Supply Vessel (AHTS). CSL has worked with several leading technology firms in the industry including Rolls Royce Marine (Norway), GTT (France), Vard Group (Norway) etc. CSLs key shipbuilding clients on the domestic front include the Indian Navy, the Indian Coast Guard and the Shipping Corporation of India Limited. CSL has also undertaken repairs of various types of vessels including upgradation of ships of the oil exploration industry as well as periodical maintenance, repairs and life extension of ships. Cochin Shipyard Limited (CSL) is a Schedule B Miniratna PSU under the Ministry of Shipping. As on 30 September 2018, the Government of India holds 75% of the companys equity share capital.Cochin Shipyard Ltd was incorporated in the year March 29th, 1972 as a fully owned Government of India company. In April 1972, the foundation stone was laid for hull shop of the company. The company commenced the shipbuilding operations in the year 1978. The first ship to roll out of the Company was the MV Rani Padmini in the year 1981. In July 1981, the company delivered the first ship MV Rani Padmini. The Company commenced ship repair operations in the year 1981. They completed the first phase of yard facilities in the year 1982. This yard was designed and constructed under technical collaboration with Mitsubishi Heavy Industries (M.H.I), Japan.In October 1990, the Company delivered its first tanker named 007 Motilal Nehru. The company commenced Marine Engineering Training in the year 1993 and Offshore Upgradation in the year 1999. In the year 2001, the company won the contract for replacement of deck cranes at SE and SJ platforms of ONGC in the Bombay High region at a cost of Rs 77 million. In February 2003, the Company delivered first export order, LB II Barge to National Petroleum Construction Company, Abu Dhabi. In January 2004, the Company signed contract for building of six bulk carriers for M/s Clipper Group, Bahamas The first series of export order.During the year 200506, the Company delivered 3 Nos. Firefighting tugs to ATCO, Saudi Arabia and launched the second Bulk Carrier for Clipper, Bahamas along with the first Platform Supply Vessel for Deep Sea Supply ASA, Norway. Also, they concluded the contracts for additional 4 Nos. RollsRoyce UT 755L type Platform Supply Vessels for Deep Sea Supply ASA, Norway.During the year 200607, the Company delivered three Firefighting tug to ATCO, Saudi Arabia, three Bulk Carriers to Clipper Group, Denmark and one Platform Supply Vessel to Deep Sea Supply, Norway. Also, they undertook repairs to the oil Rig Trident II of Transocean Offshore Drilling Inc, Houston.During the year 200708, the Company undertook major repairs to the ONGCs Mobile Offshore Drilling Unit Sagar Bhushan, Jack up Rig Sagar Kiran, Jack up Rig trident2 for Transocean, USA, Dredger Sagar Hansa for Van Oord ACZ Shipping Management, Denmark and Dredge Aquarius for Dredging Corporation of India.In July 2008, the company was awarded the category I Miniratna status, which was recognition of the companys growth and their efforts to grow into an international shipyard. During the year 200809, the Company undertook major repairs to JUR Sagar Kiran, Sagar Bhushan of ONGC and INS Viraat of Indian Navy. They delivered four platform supply vessels to various international owners. In October 2010, the Company signed the shipbuilding order of 20 Fast Patrol Vessels for Indian Coast Guard. In September 2011, the company set up the 500 Tonne Bollard Pull facilities at Vizhinjam, the largest facility for bollard pull test in Asia.During the year 201213, the Company delivered five ships to the Shipping Corporation of India and one ship to M/s. PSV Holdings, Liberia. Its major achievement towards the latter part of the year has been the accelerated pace of work on the Indigenous Aircraft Carrier. A large number of equipments were finally received in January 2013 and the ship was redocked in the building dock in February 2013. It is to the credit of Cochin Shipyard that an enormous amount of work was carried out in two months with a turnover for this period alone on the aircraft carrier touching a record high of close to Rs. 400 crores.The company delivered seven ships during the year 201314, five ships to the Indian Coast Guard and two ships to M/s PSV Holdings, Liberia. In August 2013, the Company launched the first Indigenous Aircraft Carrier for the Indian Navy. In March 2014, the Company delivered its 100th ship.During the year 201516, the Company delivered six Fast Patrol Vessels (FPV) to Indian Cost Guard and one Buoy Tender Vessel to the Directorate General of Lighthouses and Lightships (DGLL). In December 2015, the company obtained license from GTT to build LNG Ships using the containment system known as the MarkIII Technology. Construction of the large Jacket Launch cum Deck Cargo Barge for the National Petroleum Construction Company, Abu Dhabi has been completed on 18th September 2016 on time as contracted. In December 2016, the last ship of the 20 Fast Patrol vessels was delivered to the Indian Coast Guard. In June 2017, the company delivered double ended RoRo ferry Sethusagar I and II to Kochi Municipal Corporation.The company came out with an initial public offer (IPO) during the period from 1 August 2017 to 3 August 2017. The IPO was a combination of fresh issue 2.26 crore shares by the company and Offer for Sale of 1.13 crore shares by Government of India. The stock debuted at Rs 435 on BSE on 11 August 2017, a premium of 0.69% compared to the IPO price of Rs 432 per share. After the successful completion of the IPO, Government of Indias stake in the company declined to 75% from 100%. On 10 October 2017, CSL announced that it has received communication from the Integrated Headquarters, Ministry of Defence (Navy), New Delhi that the company has emerged as the L1 bidder for 16 X ASW SWC Project for the Indian Navy. The contract for eight vessels at a cost of about Rs.5400 crore is expected to be concluded with the Ministry of Defence after due process. The order was bagged against a competitive tender issued by the Ministry of Defence in which both private and public sector yards had participated.Cochin Shipyard Limited (CSL) announced that it will begin the work on its Rs 970crore International Ship repair Facility (ISRF) at Cochin Port Trust on 17 November 2017. The facility can repair up to 85 vessels, and CSL will thereby be almost doubling the number of ships that can be repaired per year.On 11 January 2018, Cochin Shipyard Limited (CSL) signed an MOU with Mumbai Port Trust (MbPT) for management and operation of the Ship repair Facilities at Mumbai Port trust. As per the terms of the MOU, MbPT and CSL are to associate with each other for utilizing the Indira Dock facility at Mumbai Port to set up a Professional Ship Repair Eco system, that would be beneficial for the commercial as well as Defence Ship Repair Industry in India. The MOU also provides for expansion of the Ship repair capacity within the Indira Dock that may include setting up of a Floating Drydock (FDD) and upgrading existing facility at HDD thereby enhancing the existing Ship repair Capacity in Mumbai Area. This would serve the increasing Ship Repair demands in Mumbai area, being one of the key ports of India that connect internationally.On 29 January 2018, Cochin Shipyard signed contracts for construction of 16 nos Tuna Long Lining Gillnetting Fishing Vessels under the diversification of trawl fishing boats from palk bay into deep sea fishing boats under Central sector on Blue Revolution Scheme of with financial assistance from Government of India and the Government of Tamil Nadu.On 2 February 2018, Cochin Shipyard Limited (CSL) and Joint Stock Company United Shipbuilding Corporation (USC), Russia signed a Memorandum of Understanding (MoU) to collaborate and engage in Design, Development and Execution of HighEnd, StateofArt vessels for Inland and Coastal Waterways. USC, a Joint Stock company is the largest shipbuilding holding in Russia incorporating about 40 enterprises including shipyards with more than 300 years experience which have been key contributors to the growth of Inland Waterways in Russia. CSL USC target to associate in development of HighSpeed Vessels, RiverSea Cargo Vessels, Passenger Vessels, Hovercrafts and other watercrafts predominantly for the Indian Waterways. Cochin Shipyard achieved an all time high turnover of Rs 2355.12 crore for the year 201718 as compared to Rs 2058.87 crore in the year 201617. Cochin Shipyard also recorded an all time high profit after tax of Rs. 396.75 crore as compared to Rs 321.55 crore for the previous year.On 13 July 2018, Cochin Shipyard Limited (CSL) announced that it has signed shipbuilding contract with Inland Water Authority of India (IWAI) for Design, Construction and Supply of Ten RoRo Vessels. The total contract value is Rs 102.6 crore + applicable taxes. The vessels are conceptualized and fully designed by CSL. All the ten vessels will be delivered within a contractual period of 18 months.On 25 September 2018, Cochin Shipyard Limited (CSL) and the Andaman Nicobar Administration entered into an MoU whereby CSL shall take up the Operation Maintenance of the Marine DryDock at Port Blair. Under the ambit of this MoU, CSL shall assist the Administration in (a) Setting up of Ship repair Ecosystem at AN islands, (b) Augmentation Modernization of Marine Dockyard and (c) Skill Development Training schemes for AN Islands.The Board of Directors of the company at its meeting held on 16 October 2018, unanimously approved a proposal for buyback of 43.95 lakh equity shares of Rs.10 each representing 3.23% of the total outstanding number of equity shares in the paid up share capital of the company at a price of Rs 455 per equity share from the shareholders of the company through the Tender Offer route.During the year 201819, CSL delivered three Tuna Long Liner Cum Gilnetter Fishing Boats for the beneficiaries of Tamil Nadu. The yard also completed various projects which are under construction such as launching of SH 21 and SH 22 500 pax vessels, start of erection of SH 23 1200 Pax vessel, commenced grand assembly of hull blocks of SH 24 1200 Pax vessel, steel cutting and erection start of BY 9899 the RoPax vessels for Inland Waterways Authority of India (IWAI). Gas turbine starting and trials scheduled from September 19, 2019. It completed STW of ship systems such as salvage, heeling trimming, bilge and firemain etc. It completed 72000 Mtrs. out ofestimated 82500 Mtrs. piping. It commenced Trials of part of IPMS (Integrated Platform Management System). It completed installation of 2 Nos. restraining gear. Besides, installation of other AFC equipments and systems such as arresting gear, AFC PSS, ammunition magazine etc., have progressed well. It completed the repairs of seven ships during the financial year 201819. Meanwhile, gate of the existing drydock was successfully replaced during the period, March October 2018. It incorporated a new Joint Venture Company, Hooghly Cochin Shipyard Limited on October 23, 2017. It entered into an agreement with the Mumbai Port Trust on October 20, 2018 to upgrade, operate and manage Ship Repair Facility at Hughes drydock and berth nos. 5, 6, 7 and 8 of Indira Dock of Mumbai Port. It commenced the ship repair operations in Mumbai on January 18, 2019. It signed a MoU with Andaman Nicobar (AN) Administration for setting up its unit at Port Blair in September 25, 2018.In 201920, the Yard completed major milestones on the projects which includes, launching of two 500 Pax cum 150 MT Cargo vessels and one 1200 Pax cum 1000 MT Cargo vessel being built for Andaman Nicobar Administration, launching of one Marine Ambulance Boat for the Fisheries Department of Government of Kerala, launching of two nos. of Brows and Pontoons for Indian Navy, steel cutting of 8000 DWT Mini General Cargo Ships for Utkarsh Advisory Services Private Limited (JSW group). CSL also delivered eight Tuna Long Liner cum Gillnetter Fishing Boats for the beneficiaries of Tamil Nadu. All 4 gas turbines of the ship were started in the month of November 2019. Also, a major milestone of preCST docking was completed in the month of December 2019 during which extensive work on shafting, underwater valves, underwater painting and other docking related activities were carried out. These included foundations installation of Luna, Kavach, Rezistor E, RAN 40L etc. It completed trials of all 8 diesel generators of the ship. It energised 4 air conditioning plants of the ship. It completed operation checks of energy distribution centers, power panels, RCOS/HCOS and 24v DC transrectifiers. It completed the repairs of 11 ships during the financial year 201920. It had set up a maritime park near to the International Ship Repair Facility at Willingdon Island. During the financial year 201920, the construction work kickstarted with the activities under civil works package and the physical progress of civil works has crossed the 50% mark. It completed construction works of two outfitting jetties on December 31, 2019. It commenced the ship repair operations in Mumbai on January 18, 2019. Post operationalization and repairs of around 9 vessels at CMSRU in financial year ending 2019, CSL has undertaken repairs to 24 vessels during the FY 201920, which includes submarine separation operation of Indian Naval submarine INS Vela through M/s. MDL repairs of guidedmissile destroyer INS Delhi. Other services undertaken from this new facility include repairs of 5 SCI vessels including the major repair to Samudra Nidhi, 2 vessels of the Indian Coast Guard in addition to providing repair services to many private owners/agencies. CSL had also taken up repairs for a foreign client and completed repairs to accommodation barge SS3 of M/s. Bayu Maritim Berkah, Indonesia. It signed the agreement with Kolkata Port Trust on March 28, 2019 for operations and management of ship repair facility at Netaji Subhas Dock (NSD). It commenced ship repair operations at NSD on October 10, 2019 with docking of naval vessel INS Kavaratti.During the year 202021, CSL delivered one no. of 500 Passenger cum 150 MT Cargo Vessel for Andaman and Nicobar Administration, two nos. of RoRo Ferry for Inland Waterways Authority of India (IWAI), three nos. of Marine Ambulance Boat for the Fisheries Department of Government of Kerala and five nos. of Tuna Long Liner cum Gillnetter Fishing Boat for the benefciaries of Tamil Nadu.CSL also delivered two Brows and Pontoons for Indian Navy. The yard also completed major milestones on various projects including, launching of fve vessels at one go from its Building Dock at Kochi and also laid the keel for two vessels on the same day. The vessels launched were two 8000 DWT Mini General Cargo Ships for JSW Shipping Logistics Private Limited, three FBOP Vessels for Ministry of Home Afairs and the keel laying was carried out for two 8000 DWT Mini General Cargo Ships for JSW Shipping Logistics Private Limited. Further, CSL also launched one Hybrid Electric Passenger Ferry (100 Pax) for KMRL and carried out keel laying for three FBOP Vessels for the Ministry of Home Afairs. CSL also carried out steel cutting of three AntiSubmarine Warfare Shallow Water Craft for Indian Navy and fve Hybrid Electric Passenger Ferries (100 Pax) for KMRL. Hooghly Cochin Shipyard Limited (HCSL) was initiallyset up as a joint venture between CSL and Hooghly Dock Port Engineers Limited (HDPEL). Pursuant to the approval of the Union Cabinet, HCSL became a wholly owned subsidiary of CSL with effect from November 01, 2019. It acquired Tebma Shipyards Limited (TSL) on September 15, 2020. During the year 202122, Company delivered four nos. of 8000 T Cargo Vessels built for JSW Shipping Logistics Private Limited which opened up a new vertical in the coastal/ short sea shipping segment for the Company. It also delivered one no. of Technology Demonstration Vessel, INS Anvesh, built for Defence Research and Development Organisation (DRDO) which is a unique platform to be used to test various innovative products being developed by DRDO labs. In addition to above, the Company has also designed and delivered the first Hybrid Electric Aluminium Catamaran Hull Vessel for the Kochi Water Metro Project thus creating a revolutionarysustainable urban mobility water transportation solution. Furthermore, Cochin Shipyard also delivered six nos. of Floating Border OutPost (FBOPs) Vessels out of nine FBOPs being built for the Ministry of Home Affairs. It delivered a total of 12 vessels under defence and commercial segment.During FY 202122, the Yard completed Keel laying of 8 Hybrid Electric Aluminium Catamaran Hull Vessels and launching of three suchVessels for Kochi Water Metro Project, launching of 3 FBOPs for the Ministry of Home Affairs launching of 2 Autonomous Electric Vessels for ASKO Maritime AS, Norway and steel cutting and commencement of fabrication of three AntiSubmarine Warfare Shallow Water Crafts for the Indian Navy. The maiden sea trial of the Vessel was conducted in August 2021 during which the Vessels propulsion plants were put to rigorous testing at sea. In addition to this, the trials of various navigation, communication and hull equipment were also undertaken during the first sea sortie. Subsequent to first sea trials, the vessel proceeded for the second sea trials in October November 2021 and thereafter for the third sea trials in January 2022. During these sea sorties, the trials conducted included extensivepropulsion (full power) trials, endurance sustenance checks, sea acceptance trials of navigation communication equipment, HVAC trials and also Vessels maneuvering trials. Major Vessels repaired during the year in the main Yard at Kochi include INS Deepak, INS Tir, INS Nireekshak, INS Sunayna, INS Investigator, GTV Samudra Sarvekshak, INS Sagardhwani, ICGS Sarathi and ORV SagarNidhi. Major vessels repaired during the year in CSL Mumbai Ship Repair Unit (CMSRU) include DSV Samudra Prabha, MDL Y12705, ICGS Samudra Paheredar MSV Samudra Sevak. Major vessels repaired during the year in CSL Kolkata Ship Repair Unit (CKSRU) include Dredge XV, M V Sentinel etc. Further, the Company commenced the ship repair activities at Marine Dockyard, Port Blair in November 2021 by undertaking emergency repair of MV Sindhu, followed by drydock repair of MV Rajhans. The Company signed contract for construction of 01 no. of Trailer Suction Hopper Dredger for Dredging Corporation of India (DCI).During FY 202122, CSL operate the drydock existing facilities in the leased area (first phase) at Cochin Port premises. It completed repairs of twelve ships. The construction works of ISRF project, which commenced on November 17, 2017, was progressing till February 04, 2022. It commenced ship repair activities at Marine Dockyard, Port Blair in November 2021 by undertaking emergency repair of MV Sindhu, followed by drydock repair of MV Rajhans.During the financial year 202223 the setting up of new ship building and repair facility at Nazirgunge was completed on August 16, 2022. The Company delivered the first indigenously built Aircraft Carrier INS Vikrant to the Indian Navy on July 28, 2022 and the vessel commissioned effective on September 02, 2022. Further, CSL delivered two Autonomous Electric Barges, viz., Marit Theres, for Norway based ASKO Maritime AS, one 500 Pax Vessel viz., Nalanda for Andaman and Nicobar Administration, three Floating Border OutPost (FBOPs) Vessels built for Ministry of Home Affairs and seven Hybrid Electric Catamaran Hull Vessels for Kochi Metro Rail Limited (KMRL). Ground improvement works, cofferdam works, dock wall sheet pile installation works, caisson gate unit fabrication, 3 out of 4 underground Substations, 280 Meter of dock floor (at a depth of 13m), 65% Civil Works of underground pump house (from depth of 21m), 98% RCC piling works, 40% crane track works, 50% caisson gate erection works, grand assembly area works etc. was completed. Further, the fabrication of components of 600T gantry crane, a critical machinery for the dry dock, completed in South Korea.Cochin Shipyard Limited (CSL) acquired UCSL in September 2020 through the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. Later on, at the time of takeover, the name was Tebma Shipyards Limited, which subsequently changed to Udupi Cochin Shipyard Limited and as a result, UCSL became a wholly owned subsidiary of CSL effective on April 22, 2022. Further, the Company also achieved significant milestones viz., steel cutting and keel laying of two 62T Bollard Pull Tugs, completing the drydocking and repairs of SBM of Mangalore Refinery and Petrochemicals Limited (MRPL) etc.
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The past 1-year return of Cochin Shipyard Ltd [COCHINSHIP] share was 772.58. The Cochin Shipyard Ltd [COCHINSHIP] share hit a 1-year low of Rs. 315.05 and a 1-year high of Rs. 2977.1.

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