India’s state-owned Goa Shipyard is expected to build 24 ships for Russia by 2027, according to Frontier India and PortNews IAA, which signed an agreement during the recent Astrakhan International Forum “North-South ITC: A New Concept”. The agreement was signed during the recent Astrakhan International Forum “North-South ITC: A New Concept”.
The shipbuilding project will be financed through the Russian Export Center (REC) with the participation of the Russian Agency for Export Credit and Investment Insurance (EXIAR).
Dmitry Dubovik, General Director of the North-South Caspian International Integration Club says there are two advantages to building ships at an Indian shipyard, namely the cost and leasing rate.
“Firstly, it will be half the cost of building it in Russia. Secondly, it is the rate… A rate of 2-3% of the REC in foreign currency is a dream today,” Dmitry Dubovik was quoted as saying. “It is the decision that has long been discussed. In particular, Iran or India were considered for placing orders. “And so we achieved a solution in India, at the Goa Shipyard, they confirmed readiness,” he said.
It is planned to build three types of ships: chemical tankers, bulk carriers, and container ships. “Goa Shipyard will be ready to deliver 24 ships in three years. We hope to complete all the documents before 2024, and the first four vessels will be laid down in the first quarter of 2024,” he added.
According to PortNews IAA, Russia has begun to satisfy the demand for a dedicated fleet in the Caspian Sea. At the end of December 2022, the Southern Shipbuilding and Ship Repair Center (SCSS), a subsidiary of Russia’s largest shipbuilder – United Shipbuilding Group (USC), signed a contract with the Russian State Transportation Leasing Company (STLC) for the construction of four intermodal containerships , at a cost of about $28.6 million for a single vessel. The first two vessels are scheduled to be completed in 2024 and the remaining two in 2025, and the series will be deployed in international transportation routes.
Dmitry Dubovik explained that the customer of the vessels at the first stage will be a subsidiary of IRISL (state-owned Islamic Republic of Iran Shipping Lines), registered in Russia. In addition, the shipbuilding order in India is being considered by Astrakhan headquartered Volga-Port Production & Commercial Company LLC.
Goa Shipyard Limited (GSL) is an Indian government owned shipbuilding company based in Vasco da Gama, Goa.
The North-South Caspian International Integration Club, chaired by Ramazan Abdulatipov, Dagestan ex-president, was created as a oordination platform for networking of representatives of states, businesses, public opinion leaders and scientists from the Caspian and other countries of the Eurasian continent who are interested in integration and development through improved logistics and interaction along the entire North-South ITC route. Russia, Iran, Azerbaijan, Kazakhstan, Turkmenistan are the Club members.
Russia to place 24 newbuilding orders for the Caspian Sea with an Indian shipyard Keel-laying ceremonies for first four vessels scheduled for Q1, 2024.
An Indian shipbuilder is expected to be awarded a large shipbuilding order for Russian customers. The cargo ships will be deployed in the Caspian region to serve shipping routes, a Russian official told a PortNews correspondent.
A corresponding agreement was signed with the Indian state-owned Goa Shipyard Limited (GSL) during the Astrakhan International Forum “North-South ITC: A New Concept. Quick Access to the Premium Markets of the East, Asia, Africa and India.”
The shipbuilding project will be financed through the Russian Export Center (REC) with the participation of the Russian Agency for Export Credit and Investment Insurance (EXIAR).
Dmitry Dubovik, General Director of the North-South Caspian International Integration Club says there are two advantages to building ships at an Indian shipyard, namely the cost and leasing rate.
“First, it will be half the cost of building it in Russia. Secondly, its is the rate… A rate of 2-3% of the REC in foreign currency is a fairy tale today,” Dmitry Dubovik was quoted as saying. “It is a decision that has long been discussed. In particular, Iran or India were considered for placing orders. “And so in India we achieved a solution, at the Goa shipyards, they confirmed readiness,” said Dmitry Dubovik.
It is planned to build three types of ships: chemical tankers, bulk carriers, and container ships, bulk carriers and container ships. “The Indian shipyard will be ready to deliver 24 ships in three years. We hope to complete all the documents before 2024, and the first four vessels will be laid down in the first quarter of 2024,” he added.
Dmitry Dubovik explained that the customer of the vessels at the first stage will be a subsidiary of IRISL (state-owned Islamic Republic of Iran Shipping Lines), registered in Russia. In addition, the shipbuilding order in India is being considered by Astrakhan headquartered Volga-Port Production & Commercial Company LLC.
Goa Shipyard Limited (GSL) is an Indian government owned shipbuilding company based in Vasco da Gama, Goa.
The North-South Caspian International Integration Club, chaired by Ramazan Abdulatipov, Dagestan ex-president, was created as an expert and coordination platform for networking of representatives of states, businesses, public opinion leaders and scientists from the Caspian and other countries of the Eurasian continent interested in integration and development through improved logistics and interaction along the entire North-South ITC route. Russia, Iran, Azerbaijan, Kazakhstan, Turkmenistan are the Club members.
Previously, India’s Prime Minister Narendra Modi said in his speech at the Global Maritime India Summit 2023 held on October 17, “In the next decade, India will become one of the world’s top five shipbuilding and repair countries.” And this time, Russia to the Indian shipyard large order for the Indian shipbuilding industry is a positive signal.