Feature 4
the seafront in Surat, on the Gujarat coast, pipavav Shipyard chief executive Ray
at an estimated cost of Rs14 billion. Stewart.
The new yard would be housed adjacent
to its existing facility; and would be able
to build large ships, even very large crude US$1.08 billion with foreign shipowners.
carriers, compared to the 120,000dwt The yard is slated to deliver its first ship
Aframax size tankers that are the largest by March 2009.
vessels offered by the present yard due to ‘To be the biggest shipyard in India,
constraints of space. and to eventually be the best in the
Another fast-growing private sector world – that is our ambition,’ says SKIL
yard, Pipavav Shipyard, took advantage chief Nikhil Gandhi, who gave shipyard
of the growing public interest in industry professional Mr Stewart the
shipbuilding and repair to clean up Rs10 mandate of making his dream come
billion (US$250 million) in an initial true.
public offering in the closing weeks of With single-hull tankers due to be
2007. It was the largest public issue in the phased out by the International Maritime
Indian shipbuilding sector, and reduced Organization, a large market for this
the holding of main promoter Sea King activity was envisaged. But with the IMO
Infrastructure Ltd (SKIL) from 35% to extending the deadline, the market did
27%. not develop as quickly as was hoped. Mr
The funds raised from the offer are shipyard and shipbuilding on it can take Gandhi decided it would be a good idea
being used to expand the yard into an place almost side-by-side, thus reducing to go in for shipbuilding and repair.
integrated facility capable of building the gestation period before the delivery In the 18 months since the decision
big ships like very large crude carriers of the first vessel,’ says consultant, Ray was taken, Pipavav Shipyard has built
(VLCCs) of around 300,000dwt, with Stewart. up its orderbook to 26 Panamax bulk
a captive labour force housed in a large The total project cost has been assessed carriers. Six of these will go to Golden
township on 150acres. at Rs19 billion. Mumbai-based Afcons is Ocean, four to Setaf of France, and 16
In the second phase, the company currently engaged in converting the wet to Avgi Maritime Services, part of the
will go in for another building yard of docks into drydocks that will be among Kyrini group of Greece.
700,000dwt capacity, making it among the largest in the world. The project is That is an astonishing figure for a
the largest in the region. The yards, when expected to be completed by end-May fledgling shipbuilder, particularly in
complete, will take Pipavav into the same 2008. a country that does not have the best
league as Dubai Drydocks and South PSL presently has an orderbook reputation for speed of construction and
Korean Hyundai Merchant Marine. running to US$700 million, and has also timely delivery.
‘The construction of a greenfield signed letters of intent aggregating to ‘We needed to get our business strategy
right,’ says Mr Stewart. ‘We looked at
many different types of vessels, and then
decided to keep everything relatively
simple.
‘The 74,500dwt Panamax bulk carrier
is a relatively easy ship to build; and
when we offered it, people like John
Frederiksen, Bourbon, and Golden Ocean
came in. Their coming in helped us get on
the road. Our credibility increased due to
the quality of the shipowners coming to
us.’
The 74,500dwt vessels are all virtually
identical, being 225m in overall length
(217m between perpendiculars), 32.25m
Civil work being done at pipavav Shipyard,
the site of what could well become India’s
largest shipyard in times to come. The first
ship delivery is due in March 2009.
The Naval Architect March 2008 73
NA Mar 08 - p72+73+75+
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