November18, 2004.

Chowgules receive a third export order.

Chowgules have today signed a contract for two 4400 dwt general cargo vessels with Shipcom of Germany. This is the third export order, the first being six vessels for Navigia of The Netherlands, and the second being four vessels to be owned by Union Transport of the United Kingdom. The twelve vessels are very similar, enabling the shipyard to achieve good economies of scale. The value of the twelve vessels will exceed Rs. 350 crores.

Mr. Jens Olaf Boese, Managing Director of Shipcom, said, “Our group has a total of five ships in operation, ranging from 2000 deadweight to 4200 deadweight. We had earlier built ships in Europe, and this is our first venture outside. After studying the facilities at Chowgules, we are confident that we will get good service from the shipyard. We are also impressed with the overall business climate in Goa, and we hope we can do further business in the state.”

Conoship of The Netherlands which has been representing Chowgules in the European market since the beginning of this year, provided valuable assistance in finalising the order. Mr. Philip Swolfs, General Manager, said “Our ability to convince the various owners to repose confidence in a shipyard in Goa speaks volumes of the capability that Chowgules have built up over the last three years.”

With the investment in manufacturing and organisation facilities at the shipyard of the group, owners are today confident that they will be able to get good quality vessels at the promised delivery time.