ABG bags mega order for 12 bulks from German shipping company

In one of the largest orders bagged by ABC and first of its kind from a German shipping company, ABG Shipyard has concluded an order for construction of 12 handysize bulk carriers of 35000 DWT each from Bereederungsgesellschaft H Vogemann GmbH & Co KG, Hamburg. The deal is worth approximately Rs 1439 crore.

Soon after winning a contract to build 6 Supramax vessels from Essar Shipping and Logistics, ABG Shipyard has received another big one.

This is one of the largest orders bagged by ABG so far, and first of its kind from a German shipping company. The new order for building 12 handysize bulk carriers comes from Hamburg-based Bereederungsgesellschaft H Vogemann GmbH & Co, for around $360 million.

The 35,000-dwt vessels will be built at ABG’s new shipyard at Dahej and delivered between 2010 and 2012, according to D Dattar, chief financial officer. ABG and Vogemann were in negotiations for some time through ship broking firm Olivier Felter, Germany. ABG will get the 30% subsidy from the government since the order was signed first week of July, much before the 5-year subsidy scheme expired on August 14. ABG Shipyard’s aggregate order book now stands at Rs 7,100 crore.

With this order, the company's aggregate order book now stands at Rs 7121 crore.

Source:The Economic Times