India and South Korea mull shipbuilding collaboration

India and South Korea discussed how combining Korea’s advanced shipbuilding technology with India’s manufacturing base and lower costs could create a partnership that benefits both India’s growing needs and the global shipbuilding market. India’s Petroleum and Natural Gas Minister, Mr Hardeep Singh Puri, shared on social media that he had a productive meeting with leaders from Korea’s major shipping companies during his visit to the country last week. He said they discussed how this partnership could help meet India’s rising demand for ships and serve global markets. 

India imports over USD 150 billion worth of crude and gas by sea, reflecting the huge demand for energy and shipping vessels. The oil and gas sector makes up nearly 28% of India’s total trade by volume, but only about 20% of this cargo is carried on Indian-flagged or owned ships. With India’s demand for crude oil, LPG, LNG and ethane growing fast, and ONGC expected to need nearly 100 offshore service and supply vessels by 2034, he highlighted that combining Korea’s advanced shipbuilding technologies with India’s manufacturing strength offers a strong foundation for sustained cooperation.

The Minister met Mr Kim Hee-Cheul, President and CEO of Hanwa Ocean, in Seoul, inviting the company to explore opportunities in India’s rapidly expanding shipbuilding sector under the Make in India initiative. He noted that India’s focus on strengthening its hydrocarbons infrastructure and energy logistics offers significant investment avenues in the shipping sector. He added that Indian PSUs are ready to partner with Korean companies for manufacturing LNG and crude oil carriers, contributing to strategic asset creation and long-term maritime capacity building, as per a report.

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