Square Port Shipyard Signs MoU With Damen To Develop Shipbuilding Infrastructure

Square Port Shipyard, Damen's Technical Cooperation B.V. (Nederland), Damen Shipyards Group's subsidiary located in West Maharashtra, India, has signed numerous contracts as part of a growing initiative that aims to expand the Kasi Strait's ports. This is part of a larger plan to expand global sea trade.

With Damen Shipyards acquiring possession of major portions of different yards in southern India and increasing the spending on local facilities, Damen's subsidiaries claim that the square industry in India already has the knowledge needed. In addition, it establishes a 100% export-oriented unit that is expected to bring a large amount of employment per unit produced ship. It will focus on set standard vessels intended for different markets all over the world." Such cooperation is sure to boost domestic Indian shipbuilding while ensuring that quality standards are maintained for global competitiveness.

Commenting on the partnership, Dingeman van Worden, Regional Sales Director with Damen Shipyards, noted that "a physical presence in the world's fastest growing economies is critical for Damen Shipyards. India possesses remarkable infrastructure along with a relatively cheap pool of labor, which gives us an advantage in global markets. Partnering with Square Port allows us to integrate Damen's philosophy of shipbuilding-quality, innovation, and competitive pricing-into this new facility."

Fattesingh Patil, Director of Square Port Shipyards Pvt. Ltd,. highlighted the wider vision of the partnership. "This collaboration meets our goal of transforming India's shipping industry and infusing it with advanced and sustainable technologies. Madam's world-class shipbuilding processes not only give us a competitive edge but also help alleviate capacity constraints facing the Indian shipbuilding and repair industry. This partnership marks a key milestone in our mission to become a one-stop shop for shipbuilding and repair in India."

The company also reported strong financial performance in recent quarters. For Q3 FY25, Square Port Shipyard had net sales of Rs 164.87 crore and a net profit of Rs 2.72 crore. For the 9-month period (9MFY25), it recorded net sales of ₹391.21 crore, along with a net profit of Rs 23.20 crore.

The Operational and Financial Review document indicates that net sales for the fiscal year 2024 (FY24) are marked at ₹545 crore, while net profit stands at Rs 64 crore, showcasing steady development and strong operational execution.

Confidently, the company director has recently purchased 61,684 shares through the open market. Furthermore, upon converting 1,77,777 warrants at Rs 30 per share, Square Port has issued 17,77,777 equity shares to West Midlands Ventures Pvt Ltd. This preferential allotment has raised Rs 3.99 crore, which is 75% of the warrant issue price, thus increasing the stake of West Midlands Ventures from 4.57% to 5.37%, with 1,27,113 warrants still available for conversion.

Additionally, Square Port Shipyard has recently awarded a significant domestic contract to Venkatesh Infra Projects, which is valued at Rs 102.10 crore. The work comprises reinforcement steel cutting, bending and fixing, as well as fabrication of structural steel for a bridge construction at the Versova Bandra Sea Link Project Site in Mumbai. The company expects the project to be completed within six months, further consolidating its standing in civil infrastructure in India.

Square Port Shipyard is increasingly enhancing its visibility as a participant in the infrastructure and maritime industry in India, which aids in the development of the economy and advanced technologies.