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HomeMarket NewsCochin Shipyard signs agreement with Denmark's Svitzer to build electric TRAnsverse tugs
As per the LoI, Svitzer and Cochin Shipyard will collaborate on plans to build electrical TRAnsverse tugboats at the latter's yard facilities in India.
Cochin Shipyard Ltd. on Friday, October 31, said, it has inked a Letter of Intent (LoI) with Svitzer in Denmark to construct a new generation of electric TRAnsverse tugs.
The two companies signed the LoI during the India Maritime Week 2025 on October 30, 2025, which was organised by he Ministry of Ports, Shipping and Waterways in Mumbai.
As per the LoI, Svitzer and Cochin Shipyard will collaborate on plans to build electrical TRAnsverse tugboats at the latter's yard facilities in India. This signals Svitzer's long-term intent to Make in India and to bring to market one of the most advanced and environmentally-progressive tug designs to support India's green port and green towage ambitions, Cochin Shipyard said.
TRAnsverse tugs are known for their exceptional manoeuvrability and efficiency and they provide precise control in confined waters, improving safety and operational performance while reducing energy use and emissions, it added.
The vessels are for Svitzer's global fleet renewal and growth markets, the company said.
"By paring Svitzer's nearly 200 years of towage experience with Indian engineering and manufacturing strength, we aim to deliver cleaner, safer and more efficient harbour operations for customers in India and around the world," Svitzer CEO Kasper Nilaus said.
Cochin Shipyard's chairman and managing director Madhu S Nair said the collaboration will showcase the company's world-class capabilities, deepen local supply chains and talent and accelerate the availability of green, high-performance tugboats for ports at home and abroad.
Cochin Shipyard shares were trading 0.6% up at ₹1,793 apiece around 11.35 am on Friday. The stock has gained 12.7% in the last six months.
