Adani Ports places order for 8 tugs worth ₹450 cr with Cochin Shipyard

Adani Ports and Special Economic Zone Ltd (APSEZ) on Friday placed an order for eight harbour tugs with state-owned Cochin Shipyard Ltd. The total contract value is estimated at ₹450 crore, and the delivery of these tugs are expected in begin in December 2026 and continue until May 2028.

The order for eight 70-tonne bollard pull tugs will increase Adani's total fleet to 152, significantly improving the efficiency and safety of vessel operations in Indian ports, APSEZ says in an exchange filing today.

“This initiative aligns with the government’s Make in India and Aatmanirbhar Bharat initiatives by boosting local manufacturing and enhancing self-reliance in the maritime sector,” the release noted.

The collaboration to procure from Cochin Shipyard Ltd signifies the company’s commitment to enhancing maritime infrastructure in India and demonstrates its confidence in the nation's PSUs, says Ashwani Gupta, Whole-time Director & CEO of APSEZ.

“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,” he says.

Previously, APSEZ contracted the construction of two 62-tonne bollard pull ASD (Azimuthing Stern Drive) tugs to Cochin Shipyard Ltd for Ocean Sparkle Ltd, both of which were delivered ahead of schedule and deployed at Paradeep Port and New Mangalore Port.

As per the company, the construction of three additional ASD tugs is currently underway, bringing the total order to 13 tugs, aimed at providing a younger fleet for efficient and reliable services in the port sector.

“This initiative underscores the importance of sustainable practices in shipbuilding and reinforces the strategic significance of the maritime industry in India's economic growth,” it added.

Following this announcement, shares of Adani Ports & Special Economic Zone were trading 0.26% lower at ₹1,240.70 apiece on the BSE.

Adani Ports & SEZ is the largest integrated port operator providing allied services as well in India with cargo handling capacity of 627 million metric tonnes (MMT) as of March 2024, spread over 15 domestic ports and terminals and 4 international ports. It has garnered 27% market share in overall cargo and 44% in container volumes handled by Indian ports.

Early this month, the ministry of ports, shipping, and waterways extended the approval for petroleum imports at Adani Krishnapatnam Port in Andhra Pradesh till March 1, 2026. The port will be allowed to continue importing petroleum by sea in accordance with operations permitted under the Navigational Safety at Ports Committee (NSPC) certificate. The extension is valid for period of 19 months, from August 25, 2024, to March 1, 2026.

In the second quarter ended September 30, 2024, the Adani group company handled a total cargo of 111 Mmt, up 10% YoY despite a weeks-long shutdown at its Gangavaram port in southern India due to a workers’ strike.

For the July-September quarter of FY25, Adani Ports reported a net profit of ₹2,445 crore, up 39.90% YoY. This was attributed to increase in the cargo volumes and “new capacity additions progressing as planned in Gopalpur, Vizhinjam, and Colombo”. The revenue from operations for Q2 FY25 stood at ₹7,067.02 crore, registering a YoY growth of 6.33%.