Shares of Cochin Shipyard Ltd gained 2% on 30 June after the company announced receiving a “notable” order from Polestar Maritime Ltd. to build two 70 T bollardpull tugs.

Orders between Rs 100 crore and Rs 250 crore are considered “notable” by Cochin Shipyard. The tugs are planned to be delivered in May 2027 and September 2027. The tugs are in addition to three 70 T bollard draw tugs already contracted with Udupi Cochin Shipyard Ltd. (Udupi-CSL), Cochin Shipyard’s wholly-owned subsidiary.

According to the company, the tugs will be manufactured based on designs by Robert Allan Ltd, a leading global design house for harbour tugs. Cochin Shipyard and its wholly-owned subsidiary have benchmarked the delivery deadlines and quality of tugs being built in India, and Udupi-CSL has been piloting the first projects under this system, the company said.

Cochin Shipyard and Udupi-CSL will collaborate to build the vessels under a work-sharing arrangement. The vessels will be propelled by two 1,838 kW main engines and 2.7m propellers from Niigata IHI Power Systems in Japan, according to the statement.

CSL Group has previously delivered four tugs under the Make in India project, and with the new contract, the current order book now comprises 18 tugs and two green tugs, which the business says are in various stages of construction.

At 12:19 pm, the shares of Cochin Shipyard were trading 1.51% higher at Rs 2,075.10 on NSE.

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