A counter rotating propeller propulsion system comprising a first propeller (6) mounted on a shaft (8), protruding from the hull (7) of a vessel, a second counter rotating propeller (1) mounted at a front end of a shaft (50) that extends essentially horizontally within a POD/thruster housing (5), wherein said housing (5) is attached to a column (2) extending downwardly from the bottom of the vessel (7), via a shaft (4) enabling rotation of the POD/thruster unit (2, 4, 5).