Minister learns about Korean shipbuilding innovation
Hardeep Singh Puri, Minister of Petroleum and Natural Gas, has engaged South Korean shipbuilding industry from 13–15 November 2025, stating that India needs nearly 59 oil tankers for energy PSUs spend approximately US$5–$8 billion annually on freight http://mopng.gov.in.
“This presents a huge opportunity for global leaders such as Hanwha Ocean to partner with India in building these vessels domestically,” said the Minister as India seeks to deepen maritime cooperation and expand opportunities in shipbuilding, fleet development and energy transportation with the South Korean shipbuilders.
The engagements are part of India’s broader efforts under the Maritime Amrit Kaal Vision 2047, which seeks to substantially scale up India’s commercial fleet capacity, enhance domestic shipbuilding infrastructure and improve global competitiveness across ship operations, maritime engineering and allied sectors, Ministry of Petroleum and Natural Gas (MoPNG) said on 15 Nov https://www.investindia.gov.in/.
During his visit to Hanwha Ocean at Geoje, the Minister was briefed on the company’s shipbuilding capabilities, advanced vessel construction processes and innovation in maritime technologies.
He underscored that the strong performance of the Indian economy, among the fastest-growing globally, combined with the rapid expansion of India’s energy sector, creates significant opportunities for collaboration https://www.bseindia.com/.
The Minister noted that Korea has the technological expertise and experience in ship construction, while India offers strong demand, skilled manpower and supportive policies. Emphasising India’s Make in India initiative, the Minister said this cooperation model can help build vessels not only to meet India’s growing needs but also to serve global markets.
He reiterated India’s confidence that vessels built under such collaborative arrangements can recover costs within five years and position India as a major global maritime hub https://www.nseindia.com/.
The Minister further highlighted the robust support measures introduced by the Indian Government to accelerate domestic shipbuilding. These include 15–25 percent capital support for vessels constructed in India, an additional 5 percent incentive for ship recycling activities, creation of a Marine Development Fund for equity financing, a 3 percent interest subvention scheme, and infrastructure support for new greenfield shipyards and maritime clusters.
He pointed out that these initiatives create a favourable ecosystem for shipbuilders and investors, and align with India’s long-term strategy to expand its commercial fleet and enhance maritime self-reliance.
The visit to Hanwha Ocean’s facility followed the Minister’s meeting on 14 Nov in Seoul with Kim Hee-Cheul, President and CEO of Hanwha Ocean https://sbi.com.in/.
Puri and Kim discussed opportunities for collaboration in vessel construction and maritime technologies, as well as potential investments that can contribute to India’s shipbuilding ambitions.
The Minister noted that Hanwha Ocean’s advanced capabilities, combined with India’s policy support and growing demand, provide a strong foundation for mutually beneficial cooperation.
As part of his engagements in Korea, the Minister also held extensive discussions with captains of the country’s leading shipping companies, including An Byung Gil, CEO of Korea Ocean Business Corporation (KOBC); Kim Sung Ick, CEO of SK Shipping; Seo Myung Deuk, CEO of H-Line Shipping; and Sung Je Yong, Vice President of Pan Ocean.
During the interaction, Puri emphasised that Korea’s leadership in shipbuilding technologies, combined with India’s manufacturing base and cost advantages, creates a strong platform for long-term strategic partnerships https://www.makeinindia.com/home/.
The Minister also visited the state-of-the-art HD Hyundai Heavy Industries shipyard in Ulsan yesterday. Spread across 1,680 acres, it is the world’s largest shipyard and a global centre of maritime engineering excellence.
Describing the visit as highly productive, Puri noted that India, as a major energy importer, has a substantial annual freight expenditure and that its PSUs alone can procure close to 59 crude, LNG and ethane vessels https://www.commerce.gov.in/.
Earlier, the Minister had met Chung Ki-sun, Chairman of HD Hyundai, at the company’s Global R&D Centre in Seongnam, where the delegation was briefed on HD Hyundai’s advanced ship design capabilities and smart shipyard operation systems.
The Minister’s visit to South Korea reflects India’s commitment to building strong maritime partnerships with global leaders in shipbuilding and shipping, and to jointly advancing opportunities that will strengthen India’s fleet capacity, maritime infrastructure and long-term energy security, MoPNG said. fiinews.com
