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Indiaexportnews.com

No cancellation of newbuilding orders

  19.12.2008    

Despite the global economic meltdown, shipyards in the country have not faced any cancellation of orders, the ABG Shipyard CFO, Mr Dhananjay Datar, said to Exim News Service.
The global credit crisis has affected Korean and Chinese shipyards, which are seeing order cancellation in dry bulk and wet bulk carriers.
ABG Shipyard, the largest private shipyard in the country, has orders worth Rs 11,400 crore to build 105 ships. It is building 66 Offshore Supply Vessels (OSVs) and 39 bulk carriers.
"We are not taking any new orders for bulk carriers as our capacity is full till 2013," he said.
However, it is in talks with clients for orders on OSVs.
Hindustan Shipyard, which services both government and private companies, has not seen any order cancellations, a top official of the company revealed.
It has on order 10 bulk carriers and five patrol vessels for the Coast Guard.
The non-cancellation of orders with Indian shipyards is because many of them are into building of specialised vessels such as OSVs and semi-submersibles used in the energy sector. The demand for OSVs has not declined, Care Research Head, Ms Revati Kasture, pointed out.
Cochin Shipyard has on order 19 OSVs.
The Indian shipbuilding industry has a global market share of 1.24 per cent.



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