ABG Shipyard Ltd, the biggest private shipbuilding company in the country, is set to sign a $114-million (Rs 518.7 crore) order in a few days to construct four cement carriers for the Singapore-based Associated Bulk Carriers Ltd, an official said to Exim News Service.
Each cement carrier will have the capacity to carry up to 20,000 tonnes and cost $28.5 million to construct. The ships may have to be delivered between August 2011 and April 2014.
Associated Bulk Carriers is 50 per cent owned by the Bangkok-based dry bulk cargo specialist, Precious Shipping Public Co. Ltd. The balance equity is held by PFS Shipping (Singapore) Pte Ltd, a wholly-owned subsidiary of PFS Shipping (India) Ltd.
Precious Shipping has signed long-term contracts with Aditya Birla Group’s UltraTech Cement Ltd in December 2009 to transport cement.
Associated Bulk Carriers was formed to own and operate the cement carriers used for the UltraTech contract.