Cochin Shipyard shares rise over 3% after firm inks pact with Drydocks World; all you need to know

Cochin Shipyard surged over 3% on Tuesday, May 13, after the company collaborated with Drydocks World, a DP World company, to develop ship repair and offshore fabrication hubs across India.

The collaboration follows the signing of a Memorandum of Understanding (MoU) in Mumbai last month during the visit of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE, the shipyard statement said on Monday.

At 10:03 AM, shares of Cochin Shipyard were trading at ₹1,573 apiece on the National Stock Exchange, rising 3.43%.

The MoU was signed in the presence of DP World's Group Chairman and CEO Sultan Ahmed Bin Sulayem and CSL's Chairman and Managing Director Madhu S. Nair.

To move the partnership forward, a high-level team from Drydocks World, led by CEO Captain Rado Antolovic, visited CSL's facilities in Kochi on May 1 and 2.

The team toured CSL's Main Yard, the newly commissioned 310-metre Dry Dock, the International Ship Repair Facility (ISRF), and the Marine Engineering Training Institute in Kochi, it said.

Nair said their visit marks an important step in strengthening our collaboration under the MoU signed between us, and we look forward to working together to unlock new opportunities in the ship repair domain.

Captain Rado Antolovic said, "By combining our global expertise with CSL's local strength, we are laying the foundation for a world-class ship repair and offshore fabrication ecosystem in India."

He said this is a long-term commitment to foster innovation, generate skilled employment, and contribute to India's vision for a self-reliant and globally competitive maritime sector by 2030 and beyond.

According to the release, the two companies have started planning joint work at the ISRF in Kochi as the first project.

They also discussed ways to expand the partnership to other parts of the country.

"These efforts align with the Government of India’s Maritime India Vision 2030 and Amrit Kaal Vision 2047, which seek to position India as a global maritime hub with modern infrastructure, advanced technology, and a skilled workforce," the release added.

The Maritime India Vision (MIV) 2030 outlines a comprehensive strategy for integrated growth across India’s ports, shipping, and waterways.

Launched in 2023, the Amrit Kaal Vision charts a long-term roadmap to make India a developed nation by 2047, marking 100 years of independence.