A propeller drive arrangement, comprising: - a propeller shaft, - a propeller hub comprising one or more propeller blades (22, 24), wherein a pitch angle of the one or more propeller blades is variable, - a planetary gear comprising a first planetary gear member, a second planetary gear member and a third planetary gear member which are drivingly connected, - an outer shaft arranged coaxially with and radially outside of the propeller shaft, - a gear wheel set drivingly connecting the second planetary gear member with the outer shaft, wherein the outer shaft is drivingly connected to the one or more propeller blades (22, 24) for varying the pitch angle, wherein the propeller shaft, in one end thereof, is configured to be drivingly connected to a propulsion unit and, in a second end thereof, is drivingly fixed to the propeller hub, wherein the propeller shaft is drivingly fixed to the first planetary gear member, and wherein the second planetary gear member is arranged to drive the outer shaft via the gear wheel set by a driving torque exerted on the propeller shaft, and - the propeller drive arrangement further comprising a pitch controlling actuator for controlling the pitch angle of the one or more propeller blades (22, 24), wherein the pitch controlling actuator is arranged to, in a first state, engage the third planetary gear member to a housing so that the propeller shaft and the outer shaft are arranged to rotate with the same rotational speed, and, in a second state, actuate the third planetary gear member so that the third planetary gear member rotates with respect to the housing, characterized in that, the propeller drive arrangement comprises only one planetary gear. - a propeller shaft, - a propeller hub comprising one or more propeller blades (22, 24), wherein a pitch angle of the one or more propeller blades is variable, - a planetary gear comprising a first planetary gear member, a second planetary gear member and a third planetary gear member which are drivingly connected, - an outer shaft arranged coaxially with and radially outside of the propeller shaft, - a gear wheel set drivingly connecting the second planetary gear member with the outer shaft, wherein the outer shaft is drivingly connected to the one or more propeller blades (22, 24) for varying the pitch angle, wherein the propeller shaft, in one end thereof, is configured to be drivingly connected to a propulsion unit and, in a second end thereof, is drivingly fixed to the propeller hub, wherein the propeller shaft is drivingly fixed to the first planetary gear member, and wherein the second planetary gear member is arranged to drive the outer shaft via the gear wheel set by a driving torque exerted on the propeller shaft, and wherein the outer shaft is drivingly connected to the one or more propeller blades (22, 24) for varying the pitch angle, wherein the propeller shaft, in one end thereof, is configured to be drivingly connected to a propulsion unit and, in a second end thereof, is drivingly fixed to the propeller hub, wherein the propeller shaft is drivingly fixed to the first planetary gear member, and wherein the second planetary gear member is arranged to drive the outer shaft via the gear wheel set by a driving torque exerted on the propeller shaft, and - the propeller drive arrangement further comprising a pitch controlling actuator for controlling the pitch angle of the one or more propeller blades (22, 24), wherein the pitch controlling actuator is arranged to, in a first state, engage the third planetary gear member to a housing so that the propeller shaft and the outer shaft are arranged to rotate with the same rotational speed, and, in a second state, actuate the third planetary gear member so that the third planetary gear member rotates with respect to the housing, characterized in that, the propeller drive arrangement comprises only one planetary gear. wherein the pitch controlling actuator is arranged to, in a first state, engage the third planetary gear member to a housing so that the propeller shaft and the outer shaft are arranged to rotate with the same rotational speed, and, in a second state, actuate the third planetary gear member so that the third planetary gear member rotates with respect to the housing, characterized in that, the propeller drive arrangement comprises only one planetary gear.