Cochin Shipyard bags Adani Ports tug boat order, deal value estimated at ₹450 crore

Adani Ports and SEZ, through its subsidiary, Ocean Sparkle Limited, has ordered eight tug boats from the Indian shipbuilding giant Cochin Shipyard Ltd (CSL), according to an exchange filing on December 27.

The estimated value of the tug boat order is ₹450 crore, according to the BSE filing. This makes the order fall under the “Significant” category of ₹200 to ₹500 crore. 

The order will comprise eight 70 T Bollard Pull ASD (Azimuthing Stern Drive) Tugs delivered by Udupi Cochin Shipyard Limited, a wholly-owned subsidiary of the CSL.

According to the company filing, the tug deliveries will start in December 2026 and are expected to be completed by August 2028. The company has ordered these tugs as a part of its expansion goals in the Indian maritime industry. 

“This collaboration to procure from Cochin Shipyard Ltd signifies our commitment to enhancing maritime infrastructure in India and demonstrates our confidence in our nation's PSUs. By leveraging local manufacturing capabilities, which are world-class, we aim to contribute to the ‘Make in India’ initiative while ensuring that our operations meet international standards of safety and efficiency,” said Ashwani Gupta, whole-time director and chief executive officer of Adani Ports and SEZ in the statement.

The shares of Adani Ports and Special Economic Zones closed 1.06 per cent lower at ₹1,230.75 after Friday's market session, compared to ₹1,243.90 at the previous market close. 

On the other hand, Cochin Shipyard shares closed 5 per cent higher at ₹1,532.10, compared to ₹1,459.15 at the previous market close. The company filed the order book update on the Adani deal on Friday, towards the end of the market operating hours. 

The fresh order of eight tugs comes as three more of the same classification tugs are under construction at the Udupi CSL for the Adani Group. According to the filing data, the new order will bring Adani's tug boat fleet to 152 after delivery.