India Explores Major Maritime Partnership as Hardeep Singh Puri Visits South Korea’s Shipbuilding Giants

Geoje, South Korea– Union Minister for Petroleum & Natural Gas  Hardeep Singh Puri concluded a significant visit to South Korea by touring Hanwha Ocean’s advanced shipbuilding complex in Geoje, marking a major push in India’s maritime expansion plans under the Maritime Amrit Kaal Vision 2047.

The Minister’s Korea tour (13–15 November 2025) focused on accelerating collaborations in ship construction, energy transportation, fleet development, and maritime engineering, as India prepares to scale up its commercial fleet and domestic shipbuilding capacities.

During his interaction with Hanwha Ocean’s leadership, Puri highlighted that:

• India’s energy PSUs spend USD 5–8 billion annually on freight

• The country has an immediate requirement of nearly 59 vessels

• Collaboration with Korean shipbuilders can help build these ships in India under Make in India

He stated that India’s fast-growing economy and expanding energy requirements create a natural synergy with Korea’s globally reputed shipbuilding expertise.

Korea offers unmatched technological strength

• India brings skilled manpower, rising demand, competitive costs, and robust policy support

He added that vessels built through such joint arrangements could recover costs within five years, positioning India as an emerging global maritime hub.

The Minister outlined major government support being extended to the sector:

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

• Additional 5% incentive for ship recycling

• Marine Development Fund for equity financing

• 3% interest subvention scheme

• Support for new shipyards and maritime clusters

These measures aim to create a favourable ecosystem for global players like Hanwha Ocean and HD Hyundai to partner with India.

During the Korea visit,  Puri also held discussions with key figures from:

• Korea Ocean Business Corporation (KOBC)

• SK Shipping

• H-Line Shipping

• Pan Ocean

He highlighted the long-term partnership potential between Korea’s world-class technology and India’s growing manufacturing strength.

 Puri also toured the massive HD Hyundai Heavy Industries shipyard in Ulsan, spread across 1,680 acres.
The Minister noted that India, being a major importer of crude, LNG and ethane, presents substantial procurement opportunities that can be leveraged to strengthen India–Korea maritime ties.

Earlier, he met HD Hyundai Chairman Chung Ki-sun for detailed briefings on smart shipyard systems and advanced ship design innovations.

The Minister’s engagements in South Korea reaffirm India’s commitment to building strong maritime alliances and enhancing its fleet capacity, shipbuilding ecosystem, and long-term energy security through international collaboration.