Hardeep S. Puri Explores Korea Shipyards to Boost India’s Maritime Vision 2047

At Hanwha Ocean, Shri Puri was given an in-depth briefing on the company’s advanced shipbuilding technologies, innovative vessel construction practices, and cutting-edge maritime engineering capabilities.

In a major boost to India’s maritime ambitions, Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, visited the expansive shipbuilding facility of Hanwha Ocean in Geoje, South Korea, as part of his official engagements held from 13–15 November 2025. The visit forms a critical component of India’s strategic efforts to scale up its shipbuilding capabilities, expand its commercial fleet, and advance technological partnerships with global maritime leaders.

The engagements align with the Maritime Amrit Kaal Vision 2047, which aims to transform India into a global maritime powerhouse, upgrade shipbuilding infrastructure, enhance fleet size, and strengthen India’s energy transportation network.

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India’s Growing Economic and Energy Strength Opens New Opportunities

At Hanwha Ocean, Shri Puri was given an in-depth briefing on the company’s advanced shipbuilding technologies, innovative vessel construction practices, and cutting-edge maritime engineering capabilities. He highlighted that India’s rapid economic growth—one of the fastest globally—combined with its expanding energy landscape, has created unprecedented opportunities for collaboration in shipbuilding and marine logistics.

The Minister emphasized that India’s energy Public Sector Units (PSUs) collectively spend USD 5–8 billion annually on freight and currently have an immediate requirement of nearly 59 vessels, including crude, LNG, LPG, and ethane carriers. This represents a significant opportunity for global shipbuilding giants such as Hanwha Ocean to partner with India in manufacturing these vessels within India, in line with the government’s Make in India and Atmanirbhar Bharat initiatives.

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Korea’s Shipbuilding Expertise Meets India’s Demand and Skilled Workforce

Shri Puri underlined the complementary strengths of both nations, noting that:

• South Korea possesses world-leading technological expertise, engineering talent, and decades of experience in advanced ship construction.

• India offers strong domestic demand, competitive manufacturing costs, a robust workforce, and supportive policy frameworks.

The Minister reiterated that vessels produced under such India–Korea collaborative models can recover their costs within five years and potentially serve both domestic and international markets, positioning India as a long-term global hub for maritime manufacturing.

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Government Support to Accelerate India’s Shipbuilding Ecosystem

Shri Puri highlighted several major initiatives launched by the Government of India to strengthen domestic shipbuilding:

• 15–25% capital support for vessels built in India

• Additional 5% incentive for ship recycling

• Formation of a Marine Development Fund to support equity financing

• A 3% interest subvention scheme for shipbuilding entities

• Infrastructure support for greenfield shipyards and maritime clusters

• Policy reforms to improve manufacturing ease and global competitiveness

These measures aim to create a holistic and robust ecosystem that can attract global shipbuilders to partner with Indian companies and establish long-term production bases in India.

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Strengthening Partnership Through Strategic Meetings in Seoul and Ulsan

Before visiting the Geoje shipyard, Shri Puri held extensive discussions with Mr. Kim Hee-Cheul, President and CEO of Hanwha Ocean, in Seoul. The discussion focused on potential collaborations in:

• Vessel design and construction

• Maritime technologies

• Investment opportunities in India’s shipbuilding sector

• New-age solutions for energy transport

The Minister noted that Hanwha Ocean’s technological edge—combined with India’s policy framework and demand—creates an ideal foundation for mutually beneficial cooperation.

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Engagements with Korean Shipping Leaders

As part of his visit, the Minister interacted with senior leadership from South Korea’s top shipping entities, including:

• Mr. An Byung Gil, CEO, Korea Ocean Business Corporation (KOBC)

• Mr. Kim Sung Ick, CEO, SK Shipping

• Mr. Seo Myung Deuk, CEO, H-Line Shipping

• Mr. Sung Je Yong, Vice President, Pan Ocean

The discussions centered around enhancing bilateral cooperation, potential joint ventures, and leveraging India’s competitive shipbuilding ecosystem for long-term partnerships.

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Visit to HD Hyundai Heavy Industries: A Glimpse of Global Excellence

Shri Puri also toured the HD Hyundai Heavy Industries shipyard in Ulsan, the largest shipyard in the world, spread across 1,680 acres. He described the visit as highly productive and impactful, noting the facility’s advanced automation, digital engineering systems, and smart shipyard innovations.

Earlier, the Minister met Mr. Chung Ki-sun, Chairman of HD Hyundai, at the company’s Global R&D Centre in Seongnam, where the delegation learned about Hyundai’s sophisticated ship design capabilities and next-generation shipyard operation technologies.

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A Bold Step Toward Maritime Self-Reliance and Energy Security

Shri Puri’s visit to South Korea marks a significant stride in strengthening India’s maritime partnerships and advancing the goals of Maritime Amrit Kaal Vision 2047. By building deep collaborations with global shipbuilding leaders, India aims to:

• Expand its commercial fleet

• Develop advanced shipbuilding infrastructure

• Enhance maritime engineering capabilities

• Strengthen long-term energy supply chain security

The visit reinforces India’s commitment to becoming a global maritime hub and a leader in next-generation shipbuilding.