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HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company overseeing HD Hyundai's shipbuilding operations, announced on Sunday, that it has signed a comprehensive Memorandum of Understanding (MOU) with Cochin Shipyard Limited (CSL), India's largest state-owned shipbuilder, to establish long-term cooperation in the shipbuilding sector.

CSL, with its main yard located in the southern Indian state of Kerala, Kochi, is the largest shipbuilding yard in India, with the Indian government holding a 67.91% stake.ÌýThe company has extensive capabilities in the design, construction, and repair of a wide range of vessels, from commercial ships to aircraft carriers. Over the past five years, CSL has successfully delivered a total of 70 vessels, including 60 small commercial ships and 10 naval vessels.

Through this agreement, the two companies will pursue strategic cooperation across a range of areas, including design and procurement support for CSL, technical collaboration to enhance productivity and ensure global-quality standards, and the advancement of workforce capabilities through improved training systems. In particular, both parties have agreed to jointly explore new shipbuilding orders in the Indian and international markets.

The partnership aligns with India's maritime development roadmaps, including the 'Maritime India Vision 2030' and the 'Maritime Amrit Kaal Vision 2047,' both announced by the Indian Ministry of Ports, Shipping & Waterways to foster growth in the maritime industry. In support of these visions, India established a Maritime Development Fund worth approximately INRÌý250 billion (KRW 4 trillion) this year and is expanding policy support to strengthen its domestic shipbuilding sector and maritime infrastructure.

India's shipbuilding industry has witnessed rapid growth in recent years. According to market research firm Ken Research, the country's shipbuilding and repair market, valued at approximately USD 90 million in 2022, has surged to over USD 1.12 billion by 2024, a more than twelvefold increase. The market is expected to continue expanding at an average annual growth rate exceeding 60% until 2033.

Through this partnership, HD Hyundai aims to strengthen its presence in the Indian market, the world's most populous country, while further enhancing its global competitiveness in the shipbuilding industry.

"This collaboration will serve as a springboard for both HD Hyundai and CSL to reach new heights, while also marking a turning point in accelerating India's national maritime vision," said an HD Hyundai official. "By leveraging HD Hyundai's accumulated technological expertise and experience, we will support CSL in enhancing its global competitiveness, while also seeking opportunities for shared growth with Korean equipment suppliers."

Meanwhile, HD Hyundai is actively expanding its global collaboration network beyond India. In April, the company signed an MOU with Huntington Ingalls Industries, the largest defense shipbuilder in the United States, followed by a strategic partnership agreement with Edison Chouest Offshore in June. In addition, HD Hyundai has been accelerating efforts to create synergies in the global shipbuilding sector by expanding defense cooperation, such as joint submarine development, with Peru's state-run SIMA shipyard in November of last year.

• Maritime India Vision 2030
  • A mid-term strategy established by the Ministry of Ports, Shipping and Waterways (MoPSW) to enhance the competitiveness of India's maritime industry and position the country as a global hub for shipping and shipbuilding. The plan aims to elevate India into the ranks of the world's top 10 shipbuilding nations by 2030.
    
    
    
    
• Maritime Amrit Kaal Vision 2047
  • A long-term maritime development roadmap created to commemorate the 100th anniversary of India's independence in 2047. It identifies sustainable port development and the advancement of the shipbuilding industry as core priorities, with the goal of positioning India among the world's top five shipbuilding nations by 2047.

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SOURCE HD Hyundai