High-ranking delegates from Hanwha Ocean, a leading South Korean shipbuilder, recently visited India to explore potential collaborations in the shipbuilding sector. The delegation, led by Senior Vice President Jin Su Lee, engaged with various Indian shipyards and government officials during their ten-day trip, which concluded with a significant meeting at the Ministry of Ports, Shipping, and Waterways on January 14, 2025.

The Hanwha Ocean delegation toured several major shipyards, including Hindustan Shipyard, Cochin Shipyard, Pipavav Shipyard, and L&T Shipbuilding. These visits aimed to evaluate opportunities for investment, technology transfer, and joint ventures in ship construction and repair.

The discussions focused on fostering long-term partnerships in advanced design, technology upgrades, and smart solutions. Hemant Khatri, Chairman of Hindustan Shipyard, highlighted the intent to collaborate on electric propulsion and joint shipbuilding ventures.

This visit is part of a broader strategy as India seeks to enhance its shipbuilding capabilities. Currently holding less than 1% of the global market share, India aims to rank among the top 10 shipbuilders by 2030 and the top 5 by 2047. The Indian government is expected to introduce a new shipbuilding policy that includes incentives for domestic shipbuilding and recycling schemes.

Hanwha Ocean's interest in Indian shipyards is driven by capacity constraints in South Korea due to a global surge in demand for new vessels. The company is looking to offload some of its orders to Indian facilities to alleviate pressure on its domestic operations.

The collaboration between Hanwha Ocean and Indian shipbuilders could lead to significant advancements in India's maritime capabilities. As both nations work towards strengthening their maritime industries, this partnership may facilitate technology transfers and bolster India's position in the global shipbuilding market.

Agencies