A high-level delegation from Hanwha Ocean Co. Ltd. of South Korea, led by Senior Vice President Jin Su Lee, recently visited India to explore collaboration opportunities in the shipbuilding industry. They held meetings with representatives from state-owned shipyards such as Cochin Shipyard Ltd., Hindustan Shipyard Ltd., L&T Shipbuilding Ltd., and Swan Defence and Heavy Industries Ltd.’s Pipavav Shipyard. Officials from the Ministry of Ports, Shipping, and Waterways also engaged with the South Korean group during the visit. Both nations are interested in working together to strengthen their positions in the global shipbuilding market. South Korea has secured its shipyards until 2028, while India aims to be among the world’s top 10 shipbuilders by 2030 and top five by 2047.
The Indian government is looking to South Korea and Japan for investments and knowledge transfer to boost its shipbuilding industry. TK Ramachandran, Secretary of the Ministry of Ports, Shipping, and Waterways, has expressed India’s goal of creating shipbuilding and ship repair clusters in the country. States like Gujarat, Odisha, and Andhra Pradesh have shown interest in developing maritime clusters. The South Korean shipbuilding sector is currently dominated by major players like Samsung Heavy Industries, Hanwha Ocean, and HD Hyundai Heavy Industries.
China has been the world’s leading shipbuilder for 14 consecutive years, with a strong presence in tankers, containers, and bulkers. In response, India plans to establish a Maritime Development Fund worth Rs 25,000 crore to support indigenous shipbuilding and advance eco-friendly shipbuilding processes. The Indian Shipping Ministry is set to introduce a new shipbuilding policy by 2026, focusing on sustainability. The policy aims to promote green shipping by offering financial assistance for ships using environmentally friendly fuels like methanol, ammonia, or hydrogen fuel cells, as well as electric or hybrid propulsion systems. The policy will also include measures like viability gap funding and purchase preference for vessels built at domestic shipyards for coastal cargo transport in India from 2031 onwards.
