Cochin Shipyard Partners with Svitzer for Electric Towing Vessels
In a significant development for the maritime industry, Cochin Shipyard Limited, a state-owned enterprise, announced on Saturday that it has inked shipbuilding contracts with Denmark’s Svitzer for the construction of cutting-edge electric towing vessels. This notable order is valued between Rs 250 crore and Rs 500 crore, marking it as a substantial achievement for the Miniratna company.
The agreement specifies the construction of four 26-metre fully electric tugs, known as the ‘TRAnsverse 2600E’ model, which boasts a robust 70-tonne bollard pull capacity. Furthermore, the contract includes an option for Svitzer to commission up to four additional vessels, underscoring the potential for future collaboration.
On the stock market front, shares of Cochin Shipyard experienced a modest uptick, rising 0.27% to close at Rs 1,644 after two consecutive sessions of gains. Despite this positive momentum, it’s worth noting that the company’s stock has plummeted over 30% in the past six months, with a market capitalization resting at Rs 43,250 crore.
The delivery of these advanced tugs is expected to begin in late 2027. As outlined in their exchange filing, the vessels will be tailored to Svitzer’s specifications, part of a broader initiative to refresh and enhance its global fleet operations. This partnership effectively melds Svitzer’s expertise in sustainable towage with Cochin Shipyard’s renowned shipbuilding proficiency.
In other company news, the Board of Directors recently announced an interim dividend of Rs 4 per equity share for the financial year 2025-26. The record date for the payout has been set for November 18, with dividend payments anticipated by December 11.
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