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ABG Shipyard wins $114m order from Precious Shipping offshoot

ABG Shipyard wins $114m order from Precious Shipping offshoot

Mumbai: India's largest private sector shipbuilder ABG Shipyard has won a $114m order to construct four cement carriers for the Singapore-based Associated Bulk Carriers Ltd (ABCL), which is 50% owned by the Bangkok-based dry bulk cargo specialist Precious Shipping.

Each cement carrier can take up to 20,000 tonnes of cargo, and will cost $28.5 million to build. The vessels will be delivered to the owner between August 2011 and April 2014.

This is the first order won by the Indian shipyard since the global economic crisis deepened in September 2008. The last order it had booked had been in August 2008 for the construction of two oil drilling rigs for Essar Oilfield Services Limited, a subsidiary of the widely diversified Essar Group, for $530 million.

The four bulkers order adds to the existing $2.65 billion order-book that is packed till 2013, and has not seen a single cancellation during the difficult times when yards the world over saw both signed orders and options being dropped.  [22/04/10]