Cochin Shipyard Signs Pact with Denmark’s Svitzer

31 Oct 2025 , 12:31 PM

Cochin Shipyard on October 31, announced that it has signed a Letter of Intent (LoI) with Denmark-based Svitzer. They will be jointly building a new generation of electric TRAnsverse tugs in India.

The agreement was signed during the India Maritime Week 2025 held on October 30 in Mumbai, organized by the Ministry of Ports, Shipping and Waterways.

Under the LoI, both companies will work together to design and manufacture electric TRAnsverse tugboats at Cochin Shipyard’s facilities in India. This partnership highlights Svitzer’s commitment to the Make in India initiative. The company’s goal is to introduce advanced, eco-friendly tug designs that align with India’s green port and sustainable maritime goals, according to exchange filing.

TRAnsverse tugs are known for their superior manoeuvrability, energy efficiency, and safety, offering precise control in restricted waters while reducing fuel use and emissions. The newly designed vessels will cater to Svitzer’s global fleet renewal and expansion plans.

Svitzer CEO, Kasper Nilaus said about the partnership that the company is aiming to deliver cleaner, safer, and more efficient harbour operations worldwide. He added, “We see strong alignment with the Government of India’s Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047.”

Madhu S. Nair, Chairman and Managing Director, Cochin Shipyard, added that the partnership will enhance India’s shipbuilding capabilities, strengthen local supply chains, and accelerate the availability of green, high-performance tugboats for both domestic and international ports.

At 11:35 am, Cochin Shipyard shares were up 0.6% at ₹1,793 apiece. The stock has gained 12.7% over the past six months.