New Delhi: South Korea's shipbuilding industry appears to be exploring potential collaboration with its Indian counterpart, with representatives from Hanwha Ocean Co. visiting the South Asian nation following a recent tour of Korean shipyards by Indian officials, according to industry sources Thursday. A Hanwha Ocean delegation led by Senior Vice President Lee Jin-su is currently visiting India to discuss cooperation with local shipyards and government officials.
According to Yonhap News Agency, Hindustan Shipyard Ltd., a publicly owned shipbuilder in India, has posted on social media of company officials meeting the Hanwha Ocean delegation Monday. The Indian company stated that Hemant Khatri, chairman and managing director of Hindustan Shipyard, emphasized the intent to foster "long-term partnerships in advanced design, technology upgrades, smart solutions, electric propulsion and joint shipbuilding ventures." Hindustan Shipyard said it remains steadfast in its commitment to global collaborations and technological advancements, stressing that the visit by the Korean delegation marks "a significant step toward its strategic objectives."
Shri. T. K. Ramachandran, secretary of India's Ministry of Ports, Shipping and Waterways, also has met with Hanwha Ocean officials to discuss potential collaboration in the shipbuilding industry between the two countries. The ministry said on social media that the meeting "explored opportunities to enhance partnerships between Indian shipyards and Hanwha Ocean."
Hanwha Ocean, the world's third-largest shipbuilder by order backlog, described the visit to India as a "research-oriented tour." Still, its visit to India has raised prospects of increased collaboration between the two countries' shipbuilding industries, especially after officials of India's ports ministry toured major South Korean shipyards late last year. From late November to early December, an Indian delegation led by Ramachandran visited Hanwha Ocean's Geoje facility, Samsung Heavy Industries' shipyard and HD Hyundai Heavy Industries' Ulsan shipyard in South Korea.
During the visit, the Indian officials reportedly explored potential areas of collaboration, including the establishment of shipyards in India and technology transfers. India's shipbuilding market is projected to grow significantly, from its US$90 million value in 2022 to $8.12 billion by 2033, according to London-based market tracker Finextra Research. The Indian government has set a target to become one of the world's top five shipbuilding nations by 2047 and plans to establish shipbuilding and maintenance clusters across the country.
The recent bilateral exchanges come amid recently heightened prospects about potential cooperation between South Korea and the United States in ship and naval vessel maintenance, repair and overhaul, referred to as MRO. With a fleet of approximately 1,500 vessels, India aims to expand the number of its ships to 2,500. However, the country currently operates only 28 shipyards, requiring substantial infrastructure development. To achieve these ambitious goals, India has sought out partnerships with leading shipbuilding nations, such as South Korea and Japan, to enhance domestic construction capabilities and establish new shipyards.
"South Korea's advanced shipbuilding expertise and India's strategic plans for industry expansion could pave the way for a significant bilateral partnership in the sector," an industry official said.