The Indian government is establishing a ₹2,000-crore insurance fund to shield shipbuilders from buyer defaults, enhancing sustainability in the capital-intensive sector. The Ministry of Ports, Shipping, and Waterways collaborates with finance ministries to implement a buyer’s default insurance, aiming to secure shipyards from order cancellations and bolster the domestic industry.
Mazagon Dock Shipbuilders Limited (MDL) has made a significant move by acquiring a controlling stake in Colombo Dockyard PLC for up to $52.96 million. This landmark acquisition enhances MDL’s strategic position in the Indian Ocean, aligning with its ambition to become a regional maritime leader and reinforce India’s maritime presence.
The Indian government plans to sell a 4.83% stake in Mazagon Dock Shipbuilders, aiming to divest its ownership in state-owned companies. The sale of 11.4 million shares at a floor price of 2,525 rupees per share is expected to attract investor interest and increase liquidity. This move reflects the government’s strategy to unlock value.
The South Korean shipbuilding industry faced its first coordinated work stoppage on August 28, as union members demanded salary increases, changes to bonus systems, and more new hires. The strike involved major shipbuilders and midsized yards, with plans for further actions if progress is not made before the Chuseok holiday in September.
