Chowgule Steamships Sbusidiary signs Letter of Intent for a new Vessel

Chowgule Steamships Ltd has announced that Chowgule Steamships (Overseas) Ltd, a Wholly Owned Subsidiary of the Company, has signed a Letter of Intent for building a 37000 DWT, Super Box Bulk Carrier to be built by Saiki Heavy Industries Co. Ltd., Japan and supplied by Onomichi Dockyard Co. Ltd., Japan. The delivery of the vessel will be taken in or around April 2012.

The Company or its Wholly Owned subsidiary has an option to place order for 3 more such vessels in the same series, details of which will be negotiated with the shipyard.

The stock closed the day at Rs.29.25, up by Rs.0.50 or 1.74%. The stock hit an intraday high of Rs.29.90 and low of Rs.27.65. The total traded quantity was 97597 compared to 2 week average of 234268.

Source : Equity Bulls

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