The squirrel cage induction generator or SCIG (Squirrel Cage Induction Generator) belongs to the family of induction machines, which are currently used as the most common electrical machines. The use of power electronic converter systems along with advanced control vector algorithms allows for the implementation of the effective operation of squirrel cage generators in various conditions. Up to now, there are a few practical realizations of squirrel cage generators, which are installed on board the vessels; mostly, these generators act as shaft generators, and it originates from the rules that require self-excitement of main electrical generators, acting as an immediate ready-to-use voltage source. In this article, we present a solution that utilizes an SCIG that operates with varying rotational speed as a shaft generator but can also act as an emergency propeller drive in case of main combustion engine failure. The main achievement of the presented work was the creation of a control table prepared for real-time software of the machine-side inverter. The data for the table were collected during the experimental research, and such a setup allowed us to use a DTC-controlled SCIG as a generator that rotated with variable speed and under changing load.