Due to limited shipbuilding space in South Korea and a high global demand for new ships, Hanwha Ocean Co. Ltd. is considering partnerships with Indian shipyards for investment and collaboration. The company, a leading shipbuilder, needs to offload some of its orders to countries like India to meet worldwide demand.
During a recent visit, a delegation from Hanwha Ocean explored potential partnerships with Indian shipyards, including the Pipavav shipyard owned by Swan Defense and Heavy Industries Ltd. and state-owned Cochin Shipyard Ltd. Hanwha Ocean is actively seeking shipbuilding facilities in India, given the significant global demand for new ship orders.
India, aiming to become a top player in the shipbuilding market by 2030, is planning policies to encourage growth in the sector. This includes introducing a ship recycling credit system, fixed subsidies for shipbuilders, setting up maritime clusters in key states, and establishing a Maritime Development Fund. These efforts align with the global shift towards green technologies in the shipping industry to reduce emissions.
The proposed ship recycling credit scheme in India would provide incentives for fleet owners to dismantle ships at Indian ship-breaking yards and reimburse costs for constructing new ships at Indian shipyards. Subsidies are also planned for building various types of ships, including those with advanced green technologies. The government aims to provide long-term support to shipyards and boost the country’s presence in the global shipbuilding market.
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