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Knowledge Marine Secures Contract Worth ₹96.25 Crore for 60-Ton ASD Tug at V.O. Chidambaranar Port

Updated on: Dec 6, 2024, 4:41 PM IST
Knowledge Marine’s share price fell by 3.1% despite securing a ₹96.25 crore contract for a 60-ton ASD Tug from V.O. Chidambaranar Port.
Knowledge Marine Secures Contract Worth ₹96.25 Crore for 60-Ton ASD Tug at V.O. Chidambaranar Port
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On December 6, 2024, Knowledge Marine & Engineering Works Ltd. (KMEW), a key player in marine engineering, announced a milestone achievement—winning a ₹96.25 crore contract to supply a 60-ton Bollard Pull Azimuth Stern Drive (ASD) Tug for V.O. Chidambaranar Port. However, on the same day, the company’s share price declined by 3.1% on the National Stock Exchange (NSE), raising questions among market participants.

Details of the Contract

The contract involves the supply, manning, operation, and maintenance of the ASD tug over a period of seven years. These high-capacity tugs play a vital role in controlling and manoeuvring large vessels in confined port spaces, ensuring safe berthing and unberthing operations. This is KMEW’s first contract for a 60-ton bollard pull ASD tug, marking a significant expansion in its operational capabilities.

Strengthening Southern Presence

This project is not KMEW’s first engagement with V.O. Chidambaranar Port. The company is already executing a high-speed patrol boat contract for the same port. The back-to-back wins at this southern port demonstrate KMEW’s increasing foothold in the region, enhancing its reputation for delivering critical maritime services.

Industry Implications

The addition of a high-capacity tug to its portfolio positions KMEW as a qualified contender for similar projects across the port sector, where the demand for such tugs exceeds 100 units.

About Knowledge Marine & Engineering Works

Incorporated in 2015, KMEW specialises in owning and operating marine crafts, dredging services, and maintenance of marine infrastructure. With a robust order book from clients such as Kolkata Port Trust, Deendayal Port Trust, and the Ministry of External Affairs, the company continues to establish itself as a leader in its niche.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

Published on: Dec 6, 2024, 4:41 PM IST

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