Shares of Cochin Shipyard Ltd ended flat after touching a day’s high of Rs 1,802 on 31st October, even as the company announced it has signed a Letter of Intent (LoI) with Denmark-based Svitzer to build a new generation of electric TRAnsverse tugs.

Cochin Shipyard and Denmark’s Svitzer signed a Letter of Intent (LoI) on 30th October, 2025, during the India Maritime Week in Mumbai. This event was organised by the Ministry of Ports, Shipping and Waterways.

Under the LoI, the two companies will jointly build electric TRAnsverse tugboats at Cochin Shipyard’s facilities in India. The move reflects Svitzer’s long-term commitment to the Make in India initiative. It also supports India’s green port and sustainable towage goals.

TRAnsverse tugs are known for their high manoeuvrability and efficiency. They offer better control in tight spaces while reducing energy use and emissions. The vessels will be part of Svitzer’s global fleet renewal and expansion plans.

Svitzer CEO Kasper Nilaus said the partnership combines Svitzer’s long towage experience with India’s engineering and manufacturing strengths. The aim is to deliver cleaner and safer harbour operations. Cochin Shipyard CMD Madhu S Nair added that the collaboration will highlight India’s shipbuilding capabilities. It will also boost local supply chains and promote the adoption of green tugboats across domestic and global ports.

At 3:30 PM, shares of Cochin Shipyard ended 0.52% higher at Rs 1,791.80 on NSE.

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