TFP Bureau, New Delhi, 15 November 2025: Minister of Petroleum and Natural Gas Shri Hardeep Singh Puri today visited the expansive shipbuilding complex of Hanwha Ocean in Geoje, South Korea, as part of a series of high-level engagements designed to strengthen maritime cooperation between India and the Republic of Korea. The visit, held during the Minister’s official tour from 13–15 November, marks an important step toward advancing collaboration in shipbuilding, fleet development and energy transportation under India’s Maritime Amrit Kaal Vision 2047.
During the visit, the Minister received a detailed briefing on Hanwha Ocean’s shipbuilding capabilities, vessel design systems and advanced maritime technologies. He observed that India’s fast-growing economy and expanding energy sector have created substantial demand for maritime transport, opening new avenues for collaboration with global shipbuilding leaders.
Shri Puri noted that India’s energy public sector undertakings currently spend USD 5–8 billion annually on freight and have an immediate requirement for nearly 59 vessels, including crude, LNG and ethane carriers. This demand, he said, presents significant opportunities for companies like Hanwha Ocean to work with India in manufacturing vessels, including through domestic shipbuilding projects.
He emphasised that while South Korea possesses world-class expertise in ship construction, India provides strong demand, skilled manpower and a favourable policy environment. A Make in India–aligned model of cooperation, he said, could not only fulfil India’s expanding requirements but also allow shipbuilders to cater to global markets. Such vessels, he noted, could recover costs within five years, reinforcing India’s ambition to emerge as a major global maritime hub.
The Minister also outlined several policy incentives introduced by the Government of India to support domestic shipbuilding. These include 15–25 percent capital support for vessels built in Indian shipyards, an additional 5 percent incentive for ship recycling, creation of a Marine Development Fund for equity financing, a 3 percent interest subvention scheme and infrastructure support for new greenfield shipyards and maritime clusters. These measures, he said, create a conducive ecosystem for investors and shipbuilders and align with India’s long-term strategy to enhance maritime self-reliance.
The visit to Hanwha Ocean followed the Minister’s meeting in Seoul with Mr. Kim Hee-Cheul, President and CEO of Hanwha Ocean, during which they discussed opportunities for collaboration in vessel construction, maritime technologies and investment partnerships. Shri Puri said that Hanwha Ocean’s advanced capabilities, combined with India’s expanding maritime demand and supportive policies, form a strong basis for long-term cooperation.
As part of his engagements in the Republic of Korea, the Minister also interacted with leaders of major Korean shipping companies, including Mr. An Byung Gil of Korea Ocean Business Corporation (KOBC), Mr. Kim Sung Ick of SK Shipping, Mr. Seo Myung Deuk of H-Line Shipping and Mr. Sung Je Yong of Pan Ocean. He observed that Korea’s technological leadership in shipbuilding, together with India’s manufacturing strengths and cost advantages, provides a strong platform for durable maritime partnerships.
Shri Puri also toured the HD Hyundai Heavy Industries shipyard in Ulsan, the world’s largest shipyard spanning 1,680 acres. He described the visit as highly productive, noting that India’s substantial freight expenditure as a major energy importer demonstrates the need to scale up vessel procurement and domestic shipbuilding. Earlier, he met Mr. Chung Ki-sun, Chairman of HD Hyundai, at the company’s Global R&D Centre in Seongnam, where the delegation was briefed on cutting-edge ship design systems and smart shipyard management technologies.
The Minister’s visit to South Korea reflects India’s commitment to forging strong maritime partnerships with global leaders in shipbuilding and shipping. The discussions and industry interactions are expected to advance opportunities that will strengthen India’s commercial fleet, expand domestic shipbuilding capacity and reinforce the nation’s long-term maritime and energy security.
