Cochin Shipyard has recently signed an agreement to purchase 23% of the shares of the Dutch ship design company Conoship International for €2.3 million ($2.62 million). This move is aimed at strengthening the position of this state-owned company in the short-term maritime transport sector in Europe.
Details of the Agreement and Implementation Steps
Cochin Shipyard has signed a share purchase agreement and a cooperation agreement after receiving approval from its board of directors. This deal has been approved by the Ministry of Investment and Public Asset Management of India and is expected to be finalized within the next two months.
Conoship is engaged in designing various types of ships, including general cargo ships, oil tankers, container ships, landing craft, and offshore vessels. This collaboration could assist Cochin Shipyard in improving and developing the design and construction of new ships.
History of Previous Collaborations
The two companies, Cochin Shipyard and Conoship, have previously collaborated closely. Conoship designed six ECO ships with a capacity of 3,800 tons, which were built by Cochin Shipyard's subsidiary, Udupi Cochin Shipyard. The last unit of these ships was delivered this summer. Additionally, eight larger ships with a capacity of 6,300 tons are being constructed based on another design by Conoship for Wilson.
This agreement follows another significant expansion in Cochin Shipyard's activities. Earlier this month, Cochin Shipyard signed a 50:50 agreement with DP World to develop its ship repair facilities on Willingdon Island in Kochi, valued at less than ₹18 billion ($189 million).
In light of these developments, Cochin Shipyard is strengthening and expanding its activities in international markets, particularly in Europe. The company aims to increase its market share in maritime transport and improve service quality by seeking new collaborations with international companies.
