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Pipavav Shipyard to adopt new name
MUMBAI: Nikhil Gandhi-controlled Pipavav Shipyard will change its name to reflect its increased focus on manufacturing of naval and coast guard vessels for the Indian Navy.
The current name does not do justice to the business the company is into, said chairman Nikhil Gandhi. Pipavav is completely focused on building assets for the Indian navy and oil & gas sector. The new name would aptly demonstrate what the company does.
The company is expected to finalise the new name in its next board meeting in second week of August. The word shipyard might get dropped in the new name, said Mr Gandhi.
This is the second time a name change is being considered . The company was incorporated as Pipavav Ship Dismantling and Engineering in October 1997. However, in April 2005 the name of the company was changed to Pipavav Shipyard . The company went public in 2009.
Pipavav Shipyard is in the business of building large dry-bulk carriers, popularly known as Panamax , and offshore vessels for oil exploration companies . It also manufactures ships for the Indian Navy. At present it is constructing 21 Panamax vessels for export and 12 offshore support vessels for ONGC.
A shipping analyst said the reason for Pipavavs decision to exit the dry bulk making segment of the industry could be attributed to the oversupply situation globally. According to Bloomberg, dry bulk carriers under construction accounts for 52% of total fleet size globally.
Ship owners are therefore wary that a glut of dry bulk carriers will happen in next few years, said the analyst who did not wish to be named. This will depress the dry bulk making industry.
Pipavav Shipyard to adopt new name-Shipping / Transport-Transportation-News By Industry-News-The Economic Times
MUMBAI: Nikhil Gandhi-controlled Pipavav Shipyard will change its name to reflect its increased focus on manufacturing of naval and coast guard vessels for the Indian Navy.
The current name does not do justice to the business the company is into, said chairman Nikhil Gandhi. Pipavav is completely focused on building assets for the Indian navy and oil & gas sector. The new name would aptly demonstrate what the company does.
The company is expected to finalise the new name in its next board meeting in second week of August. The word shipyard might get dropped in the new name, said Mr Gandhi.
This is the second time a name change is being considered . The company was incorporated as Pipavav Ship Dismantling and Engineering in October 1997. However, in April 2005 the name of the company was changed to Pipavav Shipyard . The company went public in 2009.
Pipavav Shipyard is in the business of building large dry-bulk carriers, popularly known as Panamax , and offshore vessels for oil exploration companies . It also manufactures ships for the Indian Navy. At present it is constructing 21 Panamax vessels for export and 12 offshore support vessels for ONGC.
A shipping analyst said the reason for Pipavavs decision to exit the dry bulk making segment of the industry could be attributed to the oversupply situation globally. According to Bloomberg, dry bulk carriers under construction accounts for 52% of total fleet size globally.
Ship owners are therefore wary that a glut of dry bulk carriers will happen in next few years, said the analyst who did not wish to be named. This will depress the dry bulk making industry.
Pipavav Shipyard to adopt new name-Shipping / Transport-Transportation-News By Industry-News-The Economic Times
