It is projected that by 2027, Goa Shipyard Limited, a Government of India-owned military ship maker, will have completed the construction of twenty-four cargo ships that will be used in the Caspian Sea. During the international forum in Astrakhan on October 25, Dmitry Dubovik, director of the Caspian International Integration Club “North-South,” announced it.
Dmitry Dubovik, according to PortNews IAA, has stated that a corresponding deal will be signed with the Indian state enterprise Goa Shipyard Ltd. on October 26, 2023, during the Astrakhan international forum entitled “MTK North-South: a new concept.” As of now, there is no indication that it has been signed.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) will take part in the project’s financing, which will take place through the Russian Export Centre (REC). According to Dmitry Dubovik, the customer of the vessels in the first stage will be a Russian-registered subsidiary of the Islamic Republic of Iran Shipping Lines (IRISL), a state-owned Iranian shipping corporation. The United States, the United Nations, the European Union, and other organisations have all placed sanctions on IRISL. In addition, according to him, Volga-Port Production and Commercial Company LLC (Astrakhan) is contemplating whether or not to place an order for ships with the Indian government.
According to PortNews IAA, Russia has initiated meeting the demand for a fleet dedicated to the Caspian Sea. IAA PortNews previously reported that the Southern Centre for Shipbuilding and Ship Repair (SCSS), a division of United Shipbuilding Corporation (USC), and JSC State Transport Leasing Company (STLC), entered into a contract at the end of December 2022 for the construction and supply of four intermodal container ships with an increased container capacity designated as Project 00108. These vessels will be used for cargo transportation along the international transport route. It is anticipated that two will be finished in 2024, with the remaining two in 2025. Each vessel is priced at one billion 741 million rubles, about 28.6 million USD.
The ships to be manufactured by Goa Shipyard will fall into three types of vessels categories: chemical tankers, bulk carriers, and container cargo ships. He mentioned that the Goa Shipyard is prepared to produce twenty-four ships within the next three years, which is a very rapid pace. He also mentioned that the first four ships are slated to have their keels laid down during the first quarter of 2024.
Dmitry Dubovik said the cost will be lowered to half that of Russian manufacturers, and business interest rates will be set at 2% to 3%, as opposed to the State Transport Leasing Company’s present rate of 18.6%. One of the benefits of partnering with India is that the cost will be cut to half that of Russian manufacturers.
Regarding leasing conditions, Russia’s largest leasing company, GTLK, has indicated they offer advantageous financing for ship construction mostly through investment initiatives and state programmes. The press service of the GTLK has confirmed that, given the current macroeconomic conditions, market leasing rates are higher than the key rate established by the Central Bank of Russia by several percentage points. According to the announcement, GTLK can provide financing for the building of watercraft, including cargo ships, at highly advantageous rates much lower than those offered by the market. These rates are made possible principally through state programmes and investment initiatives.
