Minister reviews advanced shipbuilding technologies, explores collaborations to strengthen India’s fleet capacity under Maritime Amrit Kaal Vision 2047.

Hardeep Singh Puri, Minister of Petroleum and Natural Gas, visited the expansive Hanwha Ocean shipbuilding facility in Geoje, South Korea, marking a significant milestone in India’s efforts to deepen maritime cooperation with Korea. The visit was part of the Minister’s high-level engagements from 13–15 November 2025, aimed at scaling up India’s commercial fleet capacity and strengthening shipbuilding partnerships under the Maritime Amrit Kaal Vision 2047.

During the tour, senior officials from Hanwha Ocean briefed the Minister on their advanced ship construction technologies, innovation-driven processes, and global capabilities. Puri highlighted the enormous potential for collaboration, stating that India’s rapidly expanding energy sector requires nearly 59 crude, LNG, and ethane vessels immediately, with Indian PSUs spending USD 5–8 billion annually on freight. He emphasized that this demand offers a unique opportunity for Korean shipbuilders to partner with India in domestic vessel construction.

The Minister underlined that Korea’s technological expertise and India’s skilled workforce, strong demand, and enabling policies make for a “naturally synergistic partnership.” He stressed that vessels built under India–Korea collaboration could recover costs within five years, strengthening India’s position as a global maritime hub.

Puri also highlighted robust policy incentives introduced by the Government of India to boost domestic shipbuilding. These include:

15–25% capital support for ships built in India,

5% additional incentive for ship recycling,

Marine Development Fund for equity financing,

3% interest subvention scheme,

Infrastructure support for greenfield shipyards and maritime clusters.

These measures, he noted, provide a favourable ecosystem for global shipbuilders looking to invest and co-manufacture in India.

The visit followed the Minister’s interactions in Seoul with Mr. Kim Hee-Cheul, President & CEO of Hanwha Ocean, where both sides explored opportunities in vessel construction, maritime technologies, and investment pathways aligned with India’s growing shipping needs.

Puri also held strategic discussions with leaders from Korea’s top shipping companies, including KOBC, SK Shipping, H-Line Shipping, and Pan Ocean, to explore long-term partnerships.

Earlier, the Minister visited the world’s largest shipyard—HD Hyundai Heavy Industries in Ulsan—and met Mr. Chung Ki-sun, Chairman of HD Hyundai, who briefed the delegation on futuristic ship design systems and smart shipyard operations.

The Minister’s visit underscores India’s resolve to expand maritime cooperation with global shipbuilding leaders, boost domestic manufacturing, enhance fleet strength, and secure long-term energy transportation capabilities.