HD Hyundai, Hanwha, Samsung bet on country’s maritime vision
Korea’s top three shipbuilders are accelerating efforts to expand their presence in India, seeking to benefit from the world’s most populous country’s plan to become a global maritime industry powerhouse.
Samsung Heavy Industries recently signed a memorandum of understanding (MOU) with India’s Swan Defence and Heavy Industries to collaborate on shipbuilding and offshore engineering.
With Swan operating India’s largest dry dock, which enables the construction of very large crude oil carriers and offshore engineering facilities, the Korean firm plans to work with the Indian company on ship design as well as engineering, procurement and management.
“Combining technology with the market, this collaboration is the best partnership model for a win-win outcome for both companies,” Samsung Heavy Industries Executive Vice President Namgoong Geum-sung said. “We will continue to look for new opportunities for future growth.”
Samsung Heavy Industries Executive Vice President Namgoong Geum-sung, right, poses with Swan Defence and Heavy Industries CEO Vipin Kumar Saxena after signing a memorandum of understanding in this undated photo. Courtesy of Samsung Heavy Industries
Samsung Heavy Industries Executive Vice President Namgoong Geum-sung, right, poses with Swan Defence and Heavy Industries CEO Vipin Kumar Saxena after signing a memorandum of understanding in this undated photo. Courtesy of Samsung Heavy Industries
In 2023, the Indian government launched the Maritime Amrit Kaal Vision 2047, a long-term blueprint to transform the country into a global maritime leader by 2047, the 100th anniversary of its independence from the U.K. “Amrit Kaal” means “golden age” in Sanskrit.
Ranked 20th in global shipbuilding, India aims to become one of the top 10 global players by 2030 and one of the top five by 2047. It also plans to increase the number of commercial ships built annually from the current 1,500 to 2,500.
This year, the country created the Maritime Development Fund with a budget of 250 billion Indian rupees ($2.8 billion).
HD Korea Shipbuilding & Offshore Engineering, an intermediary holding company overseeing HD Hyundai’s shipyards, signed an MOU in July with Cochin Shipyard Limited (CSL), India’s largest state-owned shipbuilder, to establish long-term cooperation.
Under the agreement, the companies will work together on design and procurement support for CSL, technical collaboration to enhance productivity and maintain global quality standards, and workforce development through improved training systems.
They will also seek new shipbuilding orders in both the Indian and global markets.
“This collaboration will be a springboard for HD Hyundai and CSL to reach new heights, and marks a turning point in accelerating India’s maritime vision,” an HD Hyundai official said.
“By leveraging HD Hyundai’s accumulated technological expertise and experience, we will help CSL boost its global competitiveness and pursue growth opportunities alongside Korean equipment suppliers.”
Hanwha Ocean opened the Global Engineering Center India in July to design components for floating liquefied natural gas facilities and floating production, storage and offloading units. The company, however, said the center does not intend to acquire an Indian shipyard or pursue cooperation with local shipbuilders.
