Cochin Shipyard & Drydocks World Partner To Build Advanced Ship Repair Hubs In India

India’s largest shipbuilding and maintenance facility, Cochin Shipyard Ltd, has partnered with Drydocks World, a company under DP World, to develop world-class ship repair clusters in India.

The two companies signed a memorandum of understanding (MoU) under the guidance of the Ministry of Ports, Shipping and Waterways, Government of India.

The MoU was signed at the ‘CEO Connect: Dubai-India Economic Ties’ event held in Mumbai.

The signing ceremony took place in the presence of key dignitaries including H.H. Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE, H.E. Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World; Shri Piyush Goyal, India’s Minister of Commerce and Industry; and Shri Madhu S Nair, Chairman and Managing Director of Cochin Shipyard.

The agreement outlines plans to jointly assess the potential of setting up advanced ship repair and maintenance clusters at Kochi in Kerela and Vadinar in Gujarat.

The two companies want to enhance India’s ship repair ecosystem by combining Cochin Shipyard’s shipbuilding and repair expertise with Drydocks World’s International experience in marine engineering and fabrication.

According to a press release, the partnership will bring global best practices to India’s maritime industry. The collaboration also intends to engage with government agencies and major ports to improve offshore fabrication and strategic infrastructure capabilities.

The partnership aims to create jobs, expand capacity, and make India a key player in the global maritime sector.

Representatives from both companies expressed optimism about the collaboration. The MoU also explores opportunities in offshore fabrication, marine engineering, and other long-term infrastructure projects.

Drydocks World announced the collaboration on LinkedIn, expressing pride in working with Cochin Shipyard. They highlighted the shared vision of the UAE and India to build strong maritime infrastructure and strengthen India’s role in the global supply chain under the Atmanirbhar Bharat initiative.

Cochin Shipyard also shared the news on its social media, stating that the collaboration is expected to contribute to job creation, economic growth, and India’s ambition of becoming a global maritime hub.

As of December 31, 2024, the Government of India holds a 67.91% voting stake in Cochin Shipyard.

Despite recent financial fluctuations, its consolidated net profit dropped by 27.6% to ₹176.99 crore in Q3 FY25 from ₹244.38 crore in Q3 FY24, the company saw an 8.6% year-on-year increase in revenue from operations, which stood at ₹1,147.64 crore for the same quarter.

After the earnings announcement, the company’s shares declined by 2.23% to ₹1,348 on the BSE.

References: The Hindu Business Line, Business Standard

Source: Maritime Shipping News