GML to build shipyard

The Chennai-based Goodearth Maritime Ltd. (GML) is planning to build a 405-hectare shipyard on the east coast of India with Korea Maritime Consultants Limited (Komac). The first phase of the project is expected to cost about $250 million, and will see tankers, bulk carriers and chemical carriers as large as 100,000DWT being built. Phase two will accommodate supertanker orders and the new yard will be able to build up to 12 VLCCs a year.

The yard, along with Komac, a private South Korean company of naval architects and marine engineers, is slated to start construction in about 15 months. Komac provides a full range of professional services including ship design, construction supervision, and technical and management consultancy services to shipbuilders and ship owners in more than 23 countries.

The expansion comes as India’s appetite for oil and raw materials is surging to drive its rapidly growing industries. The Tamil Nadu authorities have agreed in principle to the project and the Indian shipowner is currently negotiating the purchase of the land.