Recently, senior representatives from Hanwha Ocean, a well-known shipbuilder in South Korea, travelled to India to discuss possible shipbuilding partnerships. Over the course of their ten-day visit, which ended with a key meeting at the Ministry of Ports, Shipping, and Waterways on January 14, 2025, the team, led by Senior Vice President Jin Su Lee, met with representatives of the Indian government and many shipyards.
The Hanwha Ocean delegation visited a number of significant facilities, including L&T Shipbuilding, Pipavav Shipyard, Cochin Shipyard, and Hindustan Shipyard. The purpose of these inspections was to assess potential joint ventures, knowledge transfer, and investment prospects in shipbuilding and ship maintenance.
Long-term collaborations in cutting-edge design, technological advancements, and clever solutions were the main topics of debate. Hindustan Shipyard Chairman Hemant Khatri emphasised the intention to work together on cooperative shipbuilding projects and electric propulsion.
This visit is a component of a larger plan to improve India’s shipbuilding capacity. India, which already has less than 1% of the world market, wants to be among the top 5 shipbuilders by 2047 and in the top 10 by 2030. It is anticipated that the Indian government would unveil a new shipbuilding policy that incorporates recycling programs and incentives for domestic shipbuilding.
Due to capacity issues in South Korea brought on by an increase in demand for new ships worldwide, Hanwha Ocean is interested in Indian shipyards. In order to relieve strain on its local operations, the corporation is planning to shift some of its orders to facilities in India.
India’s maritime capabilities could advance significantly as a result of Hanwha Ocean’s partnership with Indian shipbuilders. This collaboration could help transfer knowledge and improve India’s standing in the world shipbuilding market as both countries strive to develop their maritime sectors.
