The 20-year-old defender has been a key figure for the Trawlerboys ever since signing in August 2016, initially on loan from Ipswich Town, before making his move permanent.
Cole then went on to win the Player of the Season award last year after key performances throughout the season and has continued that good form into this season.
After rewarding Cole with the new title, manager Ady Gallagher said: "I felt it was the right time to promote a young player who wears his heart on his sleeve and plays with pride for this football club. I've spoken to the other senior players in the squad and it was agreed that Travis should take on this new role. I trust Travis to step up in Rossi's absence."
Lowestoft Town travel to Burgess Hill Town tomorrow and will be without Andrew Fisk, Rossi Jarvis, Shaun Bammant, Callum White and Ollie Humphreys as they will all miss the game through injury.
Updated 19:17 - 6 Oct 2017 by Sean Galea-Pace