Timblo Drydocks based in Goa, India, has signed agreement with Mongla Port Authority for building a complete set of dredging equipment for use of Mongla Port Authority. Western Marine Shipyard will provide full technical support to Timblo in this newbuilding project.
This project is worth of USD 8.5 million. The contract was signed at the Head Quarters of Mongla Port Authority in Mongla in presence of the Port Chairman Commodore M. H Bhuiyan, BN; Executive Director of Timblo Drydocks Mr. Sarvesh Pramod Timblo & Operation Director of Western Marine Shipyard Ltd. Capt. ABM Fazle Rabbi.
In this project one 18 inch cutter suction dredger, one 12 ton BP tugboat, one crane boat, one crew house boat, one officer’s house boat with other accessories will have to be delivered to Mongla Port Authority within a period of 18 months.
This project is a part of the soft loan finance scheme of USD 1 billion, that the Indian Government has sanctioned to Bangladesh recently through EXIM Bank of India. This credit facility has been sanctioned at 59 percent rate of interest for bilateral trade enhancement of both the countries. This is how Timblo Drydocks an Indian origin shipyard got involved with the project to improve trade between Bangladesh & India.
Timblo Drydocks Pvt. Ltd. owned by the Panduranga Timblo Group. Besides shipbuilding & other engineering services they are also engaged in mining, agriculture, shipping and other activities. Timblo Drydocks has been building various types of vessel like OSVs, MPVs, dredgers, passenger ferries, dry bulk cargo carries etc.
The shipyard has chosen Western Marine as a representative in Bangladesh for Western Marine’s rich track record in similar business in the market of Bangladesh. Through this venture both the shipyard will exchange technology & business profile enhancing Bangladesh-India bilateral trade. It is hoped that joint venture of Western Marine with an Indian shipyard will take the shipbuilding industry of Bangladesh one step ahead.
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Press Release, July 27, 2013