ABG Shipyard Ltd

ABG Shipyard Ltd has informed that the Company concludes the order for construction of 12 Handysize bulk carriers of 35000 DWT each from M/s Bereederungsgesellschaft H Vogemann GmbH & Co. KG, Hamburg, Germany for approximately US 360 Million (Rs 1439 Crores Approx). With this order, Company's aggregate order book now stands at Rs 7121 Crores.

The Company and Vogemann were in negotiations for some time through Ship Broking firm M/s Olivier Felter, Germany. This is one of the largest order bagged by ABC and first of its kind from a German Shipping Company. This order was signed on July 03, 2007 and financial closure got concluded now.

Mr. Rishi Agarwal, MD of the Company said "This is a path breaking order and we at ABG are proud to have won this contract against stiff international competition."

Mr. Udo Wiese, Managing Director of M/s Vogemann group commented that with ABG they have joined forces with a first class shipyard. Not least because of excellent cooperation and their expertise we are already considering further new building projects with our friends from ABG.

M/s H Vogemann, established in Hamburg since 1886 currently controls a modern young drybulk fleet of 6 Capsize, 7 Panamax and 6 Handysize vessels and new building order placed on Namura Shipyard, Japan, GSI in China and now with ABG Shipyard in India.

General information about the vessels is as under:

1. Order for - Construction of 12 vessels of 35,000 DWT.

2. Value of the Vessel - US $ 360 million (Rs 1439 crores)

Following this order the order book position of the Company, as on date, stands at about Rs 7121 Crores.