Hardeep Singh Puri’s Strategic Visit to South Korea’s Hanwha Ocean Shipbuilding Facility
On November 15, 2025, Shri Hardeep Singh Puri, India’s Minister of Petroleum and Natural Gas, toured Hanwha Ocean’s extensive shipbuilding facility in Geoje, South Korea. This visit is a part of his broader itinerary from November 13 to November 15 aimed at reinforcing the maritime ties between India and South Korea.
The purpose of these high-level meetings is to enhance cooperation in the fields of shipbuilding, fleet development, and energy transportation. This initiative aligns with India’s Maritime Amrit Kaal Vision 2047, which targets a significant enhancement in India’s shipbuilding infrastructure, fleet capacity, and international competitiveness in maritime operations.
Exploring Advanced Shipbuilding at Hanwha Ocean
During his visit, Minister Puri received detailed presentations on Hanwha Ocean’s shipbuilding expertise, including their advanced vessel construction technologies and innovations in maritime engineering. Highlighting India’s rapidly growing economy and its expanding energy sector, Minister Puri pointed out the substantial opportunities for collaboration. He mentioned that Indian energy public sector undertakings (PSUs) annually spend between USD 5–8 billion on freight and currently need about 59 new vessels, presenting significant opportunities for companies like Hanwha Ocean.
Emphasizing the synergy between Korea’s technological prowess in shipbuilding and India’s robust market demand, skilled workforce, and supportive government policies, Minister Puri advocated for a cooperative model under the Make in India initiative. He expressed confidence that vessels constructed through such partnerships could not only meet India’s needs but also cater to global demands, potentially positioning India as a major maritime hub within five years.
Government Incentives to Boost Shipbuilding
Minister Puri also highlighted several supportive measures by the Indian government aimed at propelling the domestic shipbuilding industry. These include:
- Capital support ranging from 15–25 percent for building vessels in India.
- An additional 5 percent incentive for ship recycling activities.
- The establishment of a Marine Development Fund for equity financing.
- A 3 percent interest subvention scheme.
- Infrastructure support for emerging greenfield shipyards and maritime clusters.
These initiatives are designed to create an attractive investment environment for shipbuilders and to align with India’s strategy to expand its commercial fleet and achieve maritime self-reliance.
Further Engagements and Discussions
The visit to Hanwha Ocean was preceded by meetings with prominent figures in Korea’s maritime industry. These included discussions with Mr. Kim Hee-Cheul, President and CEO of Hanwha Ocean, and leaders from Korea Ocean Business Corporation, SK Shipping, H-Line Shipping, and Pan Ocean. Here, Shri Puri outlined the mutual benefits of leveraging Korea’s leadership in shipbuilding technology alongside India’s manufacturing capabilities and cost advantages.
Additionally, Minister Puri visited HD Hyundai Heavy Industries in Ulsan, the world’s largest shipyard, underscoring the importance of his visit in enhancing partnerships that bolster India’s maritime and energy sectors. Conversations with HD Hyundai’s leaders at their Global R&D Centre in Seongnam further emphasized collaborative potentials in advanced ship design and smart shipyard operations.
Minister Puri’s strategic engagements in South Korea highlight India’s commitment to forging robust maritime partnerships and advancing collaborative ventures that will amplify its fleet capacity and maritime infrastructure for long-term energy security.
