India, South Korea Explore Shipbuilding Partnership To Meet Rising Energy Shipping Demand

Last Updated:November 14, 2025, 14:31 IST

India and South Korea talked about how combining Korea's advanced shipbuilding technology with India's manufacturing base and lower costs.

News18

India and South Korea talked about how combining Korea’s advanced shipbuilding technology with India’s manufacturing base and lower costs could create a partnership that benefits both India’s growing needs and the global ship market.

India’s Petroleum and Natural Gas Minister Hardeep Singh Puri shared on social media that he had a productive meeting with leaders from Korea’s major shipping companies. He said they discussed how this partnership could help meet India’s rising demand for ships and serve global markets. India imports over USD 150 billion worth of crude and gas by sea, showing the huge demand for energy and shipping vessels.

The oil and gas sector makes up nearly 28 percent of India’s total trade by volume, but only about 20 percent of this cargo is carried on Indian-flagged or owned ships. With India’s demand for crude oil, LPG, LNG, and ethane growing fast, and ONGC expected to need nearly 100 offshore service and supply vessels by 2034, there is a strong push to build ships in India with global partners.

The minister met with CEOs from Korea Ocean Business Corporation, SK Shipping, H-Line Shipping, and Pan Ocean. He also said that energy and shipping are key pillars of India’s fast-growing economy under the Prime Minister’s leadership. India’s shipbuilding industry is set for global recognition, with the government announcing shipbuilding and maritime reform schemes worth Rs 69,725 crore in September 2025.

The Shipbuilding Financial Assistance Scheme, with Rs 24,736 crore, supports domestic manufacturing and ship-breaking. The Maritime Development Fund, with Rs 25,000 crore, focuses on investment and incentives. The Shipbuilding Development Scheme offers capital support, risk coverage, and capacity-building for shipbuilding clusters, with Rs 19,989 crore.

India’s maritime sector has long connected the country to global trade routes, with a history of seafaring and commerce going back to the Indus Valley Civilization. Sites like Lothal in Gujarat show evidence of ancient dockyards and maritime trade, with Lothal’s dock considered one of the world’s oldest tidal docks. Shipbuilding is called the ‘mother of heavy engineering’ because it creates jobs, attracts investment, and strengthens national security. Every investment in shipbuilding boosts jobs 6.4 times and returns 1.8 times the capital, showing its strong impact on growth. The industry has great potential to create jobs in remote, coastal, and rural areas, and its development is a key part of the Atmanirbhar Bharat vision.

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