The Shipping Ministry supports the Department of Economic Affairs' move to divest government equity in state-run Cochin Shipyard, the largest shipping and ship repair yard in India, a top ministry official said today.

Shipping Secretary A P V N Sarma also said that 20 public private partnership schemes would be signed this year for port projects, while the Ministry is also working on a better taxation regime for Shipping companies to boost maritime trade.

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Cochin Shipyard, which attained category -1 miniratna status in July 2008, posted a 70 per cent increase in net profit at Rs 160 crore for 2008-09 financial year.

The company declared a dividend of Rs 19.66 crore for 2008-09. The continued profit of the yard had resulted in an increase in net worth from Rs 429.42 crore in 2007-08 to Rs 566.49 crore in 2008-09.

The company had achieved a total shipbuilding income of Rs 986 crore during 2008-09 against Rs 582 crore during 2007-08. Ship repair turnover during the year was Rs 270 crore.

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