India taps South Korea to expand shipbuilding capacity

Cyprus backed India’s bid for EU recognition of eligible ship-recycling yards

India is seeking partnerships with South Korean maritime companies to expand its shipbuilding capacity and marine equipment manufacturing.

The discussions took place in Busan, where Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal met South Korean maritime institutions, shipbuilders, and shipping companies, as well as Cyprus’ Shipping Deputy Minister, the Indian government said.

Cyprus’ Shipping Deputy Minister Marina Hadjimanolis reaffirmed her country’s support for India’s bid to secure European Union (EU) recognition for eligible Indian ship-recycling facilities.

The two ministers discussed shipping, shipbuilding, maritime investment, seafarer welfare, and maritime services.

Hadjimanolis said about 25 Cypriot companies are expected to visit India in November to explore partnerships in shipping, ship management, and maritime technology.

In a meeting with Sejin Heavy Industries CEO Kim Jin-jong, Sonowal discussed potential manufacturing partnerships involving large shipbuilding blocks, liquefied natural gas and liquefied petroleum gas cargo tanks, cryogenic structures, and specialised marine equipment.

Cryogenic structures keep gas liquefied at very low temperatures.

Cochin Shipyard Ltd expressed openness to evaluating block fabrication with Sejin.

“A modern green fleet needs specialised capability, from cryogenic tanks to ship blocks,” Sonowal said.

Sonowal met Korea Marine Equipment Research Institute (KOMERI) President Yang Won-chang to discuss cooperation in marine equipment manufacturing, research and development, testing, certification, green propulsion, and smart maritime technologies.

The two sides explored cooperation between KOMERI and the proposed India Ship Technology Center, which would serve as a national platform for ship design, research, testing, and training.

Sonowal invited KOMERI and Korean equipment manufacturers to explore technical and industrial partnerships with Indian companies.

In a separate meeting with HMM Senior Executive Vice President Jay Y. Lee, the Indian delegation discussed flagging HMM vessels in India, recruiting Indian seafarers, using Indian ship-recycling facilities compliant with the Hong Kong Convention and expanding services to additional Indian ports.

A leading Korean shipping line expressed interest in investing in India flagging, made-in-India containers and the upcoming Vadhvan Port.

Korea Ocean Business Corporation CEO Ahn Byung-gil discussed investment opportunities in India’s port infrastructure and shipping sectors with the Indian delegation.

Sonowal presented the Maritime Development Fund and Sagarmala Finance Corporation to Korean maritime financiers.

India has approved a shipbuilding support package worth about $7.8b, whilst more than 400 vessels valued at an estimated $23b are in the pipeline.

India aims to become a global hub for shipbuilding, shipping, and maritime services by 2047.