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ABG Shipyard does not see fresh orders in 2009 - CFO

Source: Reuters - Fri 19th Jun 2009

Shipbuilder ABG Shipyard does not expect fresh orders in 2009 due to a slowdown in demand after shipping costs slumped, but it has already booked orders till 2013/14, a senior official said.

Shipping firms are cutting their acquisition plans on tight financing and as freight rates across different export routes have fallen 40-70 percent over last year.

"I don't see great momentum in orders for now" Chief Financial Officer Dhananjay Datar told Reuters on Thursday. "There could be some orders from coast guard, defence but not from private liners."

ABG, which has an order book of 115 billion rupees, is running at full capacity and expects earnings outlook to remain stable till 2013/14, Datar said in an interview.

(Reporting by Swati Pandey; editing by Sunil Nair)

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