A subsidiary of shipbuilding Miniratna Company, Cochin Shipyard, won an international order worth approximately Rs 580 crore from a Norwegian giant on Thursday.

Wilson Shipowning AS, Norway, has awarded Udipi Cochin Shipyard Limited, a wholly-owned subsidiary of Cochin Shipyard, a contract to design and construct 6 new-generation diesel-electric 3800 DWT (deadweight) general cargo vessels, with an option for an additional eight vessels.  

According to Cochin Shipyard, the ‘Future Proof Dry Cargo Vessel’ will be built along the lines of an environmentally friendly diesel-electric vessel that will be used to install Wind foil units and battery hybrid systems and transport general cargo in Europe’s inland and coastal seas.

The project costs approximately Rs 580 crore, with the first vessel to be delivered by December 2024, followed by deliveries until March 2026.

Shares of Cochin Shipyard Limited rallied as much as 3.2% higher in the afternoon trade. The stock closed at Rs 557.60 on the NSE, up 1.58% from the previous day’s close.