Mazagon Dock Shipbuilders’ Landmark Contract Signing with European Client

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Mazagon Dock Shipbuilders’ $42 Million Hybrid-Powered Vessel Contract with European Client


Mazagon Dock Shipbuilders, a stalwart in India’s maritime industry, has recently made headlines by securing a $42 million contract for the construction of hybrid-powered vessels from a European client.


Embracing the Future with Hybrid-Powered Vessels

This landmark contract involves the construction of three units of 7,500 dead weight tonnage (DWT) multi-purpose hybrid-powered vessels. These vessels, which will be designed, built, and delivered by Mazagon Dock Shipbuilders, represent a significant leap forward in maritime technology, combining the power of traditional propulsion systems with the efficiency of electric power.

The first vessel is slated for delivery 27 months after contract effectiveness, with the remaining vessels to follow at two-month intervals.

Mazagon Dock Shipbuilders: Building More Than Just Ships

Mazagon Dock Shipbuilders is more than just a shipbuilding company. By building maritime capability, they play a crucial role in strengthening national security. Furthermore, their work contributes to the nation’s economic growth, helping India sail to new economic heights. This contract further cements their reputation as the nation’s shipbuilder.

A Strong Financial Performance
Mazagon Dock Shipbuilders’ financial performance has been robust. In Q2 FY24, their consolidated net profit surged by 55.6% to Rs 332.88 crore, up from Rs 213.90 crore in Q2 FY23. Additionally, their net sales saw a 7.4% YoY increase to Rs 1,827.70 crore in Q2 FY24.

On Friday, 15 December 2023, the company’s scrip rose 0.45% to settle at Rs 2,081.35, reflecting the market’s positive sentiment towards the company’s recent achievements.

In conclusion, Mazagon Dock Shipbuilders continues to lead the way in the shipbuilding industry. Their latest contract for hybrid-powered vessels is not just a business milestone, but also a step towards a more sustainable future in maritime transport.

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