HD Hyundai, India’s Cochin Shipyard to pursue joint shipbuilding orders

HD Hyundai Co., the world’s largest shipbuilding group based in South Korea, has signed a memorandum of understanding with India’s largest state-run shipbuilder, Cochin Shipyard Ltd., setting the stage for joint shipbuilding orders as the South Asian country is stepping up efforts to expand its global maritime footprint.

The agreement focuses on the two companies’ long-term cooperation across ship design, procurement, technology and workforce training, according to HD Hyundai on Sunday. 

They also agreed to jointly bid for new shipbuilding contracts in the future.

The partnership aligns with India’s Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047, national roadmaps that aim to elevate the country’s shipbuilding sector to the world’s 10th largest by 2030 and fifth largest by 2047.

The Indian government plans to launch a 250 billion rupee ($3 billion) maritime development fund this year to achieve the goals.

The collaboration with Cochin is expected to help HD Hyundai further expand its presence in the fast-growing market, home to the world’s largest population, as well as in the global shipbuilding industry, as India ramps up investments in maritime infrastructure and domestic production.

According to market research firm Ken Research, India’s shipbuilding and repair market, valued at around $90 million in 2022, expanded more than twelvefold to $1.12 billion by 2024 and is projected to grow at an average annual rate of over 60% through 2033.

Cochin Shipyard, 67.91% owned by the Indian government, has delivered 70 vessels so far, including commercial ships and naval vessels, over the past five years.

HD Hyundai has recently deepened its ties with international partners.

In April, it signed an MOU with US naval shipbuilding leader Huntington Ingalls Industries Inc. (HII) to join hands to build battle force ships, and in June, it formed a strategic partnership with Edison Chouest Offshore.

Last November, it agreed to jointly develop submarines with Peru’s state-run SIMA shipyard, accelerating its drive to create synergies in shipbuilding through global defense collaborations.

Write to Sookyung Seo at skseo@hankyung.com

Jennifer Nicholson-Breen edited this article.