Pipavav (Gujarat), Feb 15: Pipavav, home to India's first largest ship building yard in the private sector in western Gujarat, has bagged country’s largest ship building order worth 1.06 billion dollars for construction of 26 Panamax Bulk carriers.

Pipavav Shipyard Limited, the major shipbuilding and offshore fabrication company, started construction of India's largest ships with the performance of steel-cutting ceremony for the first four of a series of 26 Panamax bulk carriers on order.

The shipyard now has an outstanding order book worth 1.06 billion dollars for 26 new 74,5000 deadweight (dwt) Panamax Bulk Carriers.

The Panamax bulk carriers with maximum width to transit the Panama Canal are used for carrying coal, grain, iron ore and other commodities.

Twenty-six ships on the shipyard order book will be of the same design and this order will place the Pipavav shipyard at number two in the world for Panamax bulk carriers ahead of major yards in Japan, Korea and China.

"It's very important because here in Pipavav, we are changing scale. It's a beginning that is something bigger in India in terms of shipbuilding,” said Ray Stuart, CEO, Pipavav Shipyard Ltd.

“We had…. relationship with other Indian shipyards so far with Bharati Shipyard for instance where we placed some offshore supplied vessels, but this Pipavav we are really changing scale and for our company Barry Rogliano Sales it," Stuart added.

Pipavav shipyard rated as the world's sixth largest shipping facility and is equipped with 500,000 deadweight tonnes (DWT).

India's Punj Lloyd Limited, which is pre-qualified with the ONGC and a major shareholder as well as a co-promoter of the Pipavav shipyard will enable the shipyard to fast-track in the area.

In addition, Pipavav Shipyard's long time technical advisor, SembCorp Marine, a Singapore based company that is a fabricator for the offshore industry, will also assist Pipavav shipyard to enter the sector.

Pipavav Shipyard will also set up ship repair facilities to take advantage of the lack of high quality repair yards between the Gulf region and Singapore.

In addition, the Company has plans for entry into the naval and repair sector to cater to the burgeoning needs of the Indian Navy. (ANI)