Minister Hardeep Singh Puri Visits Hanwha Ocean’s Shipbuilding Facility in South Korea
Minister holds high-level meetings to boost India–Korea maritime cooperation under Maritime Amrit Kaal Vision 2047
Hardeep Singh Puri, Minister of Petroleum and Natural Gas, visited the advanced shipbuilding facility of Hanwha Ocean in Geoje, South Korea, as part of his official engagements from 13–15 November 2025. The visit is a major step toward enhancing India–Korea maritime collaboration and supporting India’s Maritime Amrit Kaal Vision 2047, which aims to significantly expand domestic shipbuilding, commercial fleet capacity, and global maritime competitiveness.
At Hanwha Ocean, Puri received detailed briefings on the company’s cutting-edge shipbuilding technologies and vessel construction processes. He noted that India’s strong economic growth and the rapid expansion of its energy sector create massive opportunities for global partnerships in shipbuilding and maritime engineering.
The Minister highlighted that India’s energy PSUs spend USD 5–8 billion annually on freight and have an immediate requirement of around 59 crude, LNG and ethane vessels. He said this presents a compelling opportunity for global shipbuilding majors like Hanwha Ocean to collaborate with India and build ships domestically under the Make in India initiative.
Puri emphasised that Korea’s expertise in shipbuilding, combined with India’s skilled workforce, rising demand, and investor-friendly policies, creates a strong foundation for long-term maritime cooperation. He reiterated that vessels built through such partnerships can recover costs within five years, positioning India as a major global maritime hub.
He further outlined India’s robust support measures for domestic shipbuilding, including 15–25% capital support for vessels built in India, an additional 5% incentive for ship recycling, the Marine Development Fund for equity financing, 3% interest subvention, and infrastructure support for greenfield shipyards and maritime clusters. These initiatives are designed to accelerate fleet expansion and strengthen India’s maritime self-reliance.
The visit to Hanwha Ocean followed Puri’s meeting in Seoul with Hanwha Ocean’s President and CEO, Mr. Kim Hee-Cheul, where they discussed collaborative opportunities in shipbuilding and maritime technologies. The Minister also met senior leadership of Korea’s leading shipping companies—KOBC, SK Shipping, H-Line Shipping, and Pan Ocean—to explore broader strategic partnerships.
Puri additionally visited the world’s largest shipyard, HD Hyundai Heavy Industries in Ulsan, and met Chairman Chung Ki-sun at the company’s Global R&D Centre in Seongnam. He noted that India’s PSUs alone have procurement potential for nearly 59 vessels, creating significant avenues for collaboration with Korean shipbuilders.
Puri’s engagements in South Korea reaffirm India’s commitment to building strong maritime partnerships with global leaders to support India’s fleet expansion, maritime infrastructure development, and long-term energy security.
