The Andhra Pradesh Maritime Board and Visakhapatnam Port Authority have signed a Memorandum of Understanding to create a special purpose vehicle (SPV) for a National Mega Shipbuilding Cluster in Dugarajapatnam. This initiative, backed by a ₹19,989 crore budget, aims to enhance shipbuilding, repair, and maritime infrastructure in the region.
The European Commission has unveiled strategies to modernize Europe’s maritime industry and ports, focusing on shipbuilding and infrastructure. The initiatives aim to enhance security, promote decarbonization, and improve operational efficiency. The Ports Strategy will transform ports into digital, energy-efficient hubs, reinforcing Europe’s role in global shipping and economic resilience.
India’s maritime sector is transforming, highlighted by a contract between CMA CGM and Cochin Shipyard Limited for six LNG-fuelled feeder vessels. This initiative, supported by key government figures, underscores the growing collaboration between global shipping companies and Indian shipyards, aligning with the country’s strategic maritime development policies.
Cochin Shipyard Limited has emerged as the lowest bidder for a ₹5,000 crore contract to construct five Next Generation Survey Vessels for the Indian Navy. This status was confirmed in a Ministry of Defence meeting in New Delhi, with contract finalization pending necessary formalities. The shipyard insists there are no related party transactions involved.
India is positioning itself to meet the global demand for large ships, such as VLCCs and container vessels, under a ₹25,000 crore shipbuilding scheme. Union Minister Sarbananda Sonowal highlighted partnerships with South Korean firms and a ₹70,000-crore maritime development package to enhance shipbuilding capabilities and port infrastructure.
India aims to boost its shipbuilding capacity, targeting a spot among the top five shipbuilding nations by 2047. Cochin Shipyard Limited (CSL) is poised to benefit from substantial investments and policy reforms. Director General of Shipping, Shyam Jagannathan, stressed the need to reduce dependence on foreign fleets amid shifting geopolitical dynamics.
The European Commission plans to propose measures to strengthen the EU shipping industry by promoting “Made in EU” initiatives. These will encourage public authorities to consider sustainability and product origin in supplier selection. The European Investment Bank may also ease financing for shipowners, enhancing local ship production and competitiveness.
The Gujarat Maritime Board (GMB) is optimistic about the Union Budget’s provisions set to bolster the state’s maritime sector. With initiatives in coastal shipping and shipbuilding, Gujarat aims for rapid growth. The new Shipbuilding Financial Assistance Scheme seeks to elevate coastal freight movement, positioning the state as a premier maritime hub.
The Union Budget for 2026 allocates ₹5,164.80 crore to the Ministry of Ports, Shipping, and Waterways, a significant rise from last year’s ₹3,470.58 crore. Key allocations include ₹1,000 crore for the Maritime Development Fund, ₹515 crore for the Shipbuilding Financial Assistance Scheme, and ₹250 crore for capacity development initiatives.
The V.O. Chidambaranar Port Authority has announced a special purpose vehicle to establish a shipbuilding cluster in Tuticorin, enhancing India’s maritime sector. This joint venture, named the National Shipbuilding & Heavy Industries Park, aims to boost domestic shipbuilding capabilities, aligning with the Union Cabinet’s vision for maritime infrastructure growth.
Swan Defence and Heavy Industries (SDHI) has achieved a significant milestone by securing its first contract for six IMO Type II chemical tankers, valued at $227 million. This landmark order from Rederiet Stenersen AS marks a pivotal moment for India’s shipbuilding sector, showcasing the nation’s growing capabilities in maritime construction.
South Korea’s HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has secured a contract valued at approximately USD 121 million to construct a very large gas carrier (VLGC) for a European shipowner. This project, expected for delivery in the first half of 2028, adds to the company’s growing portfolio of gas carrier contracts.
Cochin Shipyard Limited (CSL) recently delivered the MS Heinz, a versatile vessel, to HS Schiffahrts UG & Co KG in Germany on January 12. This marks the first delivery in the HS EcoFreighter series. The vessel, designed for diverse cargo types and built at CSL’s Kochi facility, underscores CSL’s commitment to global shipbuilding.
HD Korea Shipbuilding & Offshore Engineering (KSOE) showcased its innovative technologies at the MIT Maritime Consortium Workshop 2025, focusing on AI-driven autonomous operations and carbon reduction. Key developments included the HiNAS Control system and a prototype AI model for cybersecurity. The consortium outlined a roadmap emphasizing carbon neutrality and digital transformation.
MSC Cruises has signed a landmark deal with Meyer Werft to build four cruise ships, valued at over €10 billion. The new “New Frontier” vessels, each weighing 180,000 gross tons and accommodating 5,400 passengers, will enhance guest experiences while incorporating advanced environmental technologies to achieve net-zero emissions by 2050.
