At Hanwha Ocean, Shri Puri was briefed on the company’s shipbuilding capabilities, automated construction processes and innovations in maritime technologies. He highlighted India’s urgent demand for vessels noting that Indian energy public sector undertakings spend an estimated USD 5–8 billion annually on freight and have near-term requirements for roughly 59 crude, LNG and ethane carriers.
The Minister emphasised that Korea’s technical expertise in ship construction, paired with India’s growing demand, skilled workforce and policy incentives, creates a favourable environment for strategic partnerships. He framed such cooperation as aligned with Make in India and the goal of positioning India as a competitive hub for shipbuilding and maritime services.
Policy push: incentives and financing
Shri Puri outlined the Government of India’s support measures that aim to accelerate domestic shipbuilding. These include capital support of 15–25% for vessels constructed in India, an additional 5% incentive for ship recycling activities, a Marine Development Fund for equity financing, a 3% interest subvention scheme, and infrastructure support for greenfield shipyards and maritime clusters.
These measures, the Minister said, are crafted to reduce lifecycle costs, attract investment and ensure that vessels built in India can recover costs within a commercially viable time horizon, projecting fleet and industrial growth under Maritime Amrit Kaal.
High-level engagements with industry leaders
Shri Puri held discussions with Hanwha Ocean’s leadership, following a one-on-one meeting with President & CEO Mr. Kim Hee-Cheul. The talks explored joint construction of vessels and potential investments that could support India’s shipbuilding ambitions.
The Minister also visited HD Hyundai Heavy Industries in Ulsan the world’s largest shipyard and met its Chairman, Mr. Chung Ki-sun, at the Global R&D Centre in Seongnam. Delegation briefings highlighted HD Hyundai’s advanced ship design and smart yard operations, reinforcing technological pathways India could adopt through collaboration.
Shipping CEOs invited to partner with India
During his Korea visit, Shri Puri engaged with captains of the Korean shipping industry, including executives from Korea Ocean Business Corporation (KOBC), SK Shipping, H-Line Shipping and Pan Ocean. He urged them to consider partnerships that could leverage Korea’s design and build strengths and India’s manufacturing base, cost advantages and trained manpower.
Industry leaders discussed vessel specifications, timelines and opportunities for co-investment, signalling robust commercial interest in long-term strategic ties.
Strategic implications and next steps
The Minister underlined that building a sizeable commercial fleet is critical for India’s energy security and for saving foreign exchange. Collaborative shipbuilding, he noted, could serve both domestic needs and export markets, thereby strengthening global competitiveness in maritime engineering and allied sectors.
Officials said follow-up actions will focus on detailed feasibility studies, memoranda of understanding with shipbuilders, and exploring joint ventures that could accelerate capacity building in Indian yards.