In a high-level meeting in Seoul, India extended an invitation to Hanwha Ocean President and CEO Kim Hee-Cheul to explore opportunities in the country’s expanding shipbuilding sector, highlighting avenues for collaboration aligned with India’s fast-growing energy and hydrocarbons demand.
During the discussion, India encouraged Hanwha Ocean to enter the nation’s emerging shipbuilding ecosystem and assess partnership possibilities that support long-term maritime, energy, and logistics growth.
The meeting was held between senior Indian representatives and Hanwha Ocean leadership, led by CEO Kim Hee-Cheul, one of Korea’s prominent voices in global shipbuilding and marine technology.
India aims to build strategic maritime capacity as its energy consumption rapidly increases. The oil and gas sector alone represents nearly 28% of India’s total trade by volume, yet only about 20% of this cargo is transported on Indian-flagged or Indian-owned vessels. The gap presents a major opportunity for strengthening domestic shipbuilding and creating long-term sea-logistics assets.
The conversation centred on how Korea’s technological expertise in shipbuilding, combined with India’s manufacturing strengths, cost advantages, and the momentum of the ‘Make in India, Make for the World’ initiative, can unlock a mutually beneficial partnership.
Key focus areas included:
- Building capabilities to support India’s rising demand for crude oil, LNG, LPG, and ethane transport
- Expanding the energy logistics supply chain with advanced carrier vessels
- Joint development of offshore service and platform supply vessels
- Opportunities for Indian public sector companies to collaborate with Korean shipyards on LNG and crude carrier manufacturing
India’s ongoing efforts to strengthen energy security, modernise port capacity, and grow domestic shipbuilding align with national priorities under the leadership of Prime Minister Narendra Modi. With ONGC alone projected to require nearly 100 offshore support and platform supply vessels by 2034, the country is positioning itself to build strategic assets rather than rely on external fleets.
The meeting reaffirmed India’s readiness to partner with leading Korean shipbuilders for advanced vessel design and manufacturing. Both sides acknowledged that combining Korea’s innovation with India’s expanding industrial base can accelerate a new era of cooperation in maritime infrastructure and energy logistics.
