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Time of India
13-05-2025
- Business
- Time of India
India's mega shipbuilding plans! HD Hyundai & Cochin Shipyard in talks for Rs 10,000 crore project
Centre has identified strategic coastal land in Tamil Nadu, Gujarat, and Andhra Pradesh to establish mega shipbuilding and repair facilities, marking a major push toward making India a global shipbuilding hub . One of the first projects could be a Rs 10,000 crore mega shipyard in Thoothukudi, Tamil Nadu, with South Korea's HD Hyundai nearing a partnership with Cochin Shipyard Limited (CSL), officials confirmed. "CSL and HD Hyundai are zeroing in on the location of this shipbuilding facility," a senior official told ET, with Thoothukudi emerging as the front-runner for the joint venture aimed at manufacturing large vessels for intercontinental trade. While HD Hyundai responded that "nothing has been confirmed," sources indicate that an agreement is likely to materialise soon. CSL has not commented on the development so far. The move comes as the finance ministry's expenditure finance committee (EFC) wraps up appraisals for an Rs 18,090 crore enhanced shipbuilding financial assistance policy , alongside a Rs 25,000 crore maritime development fund announced in the Union Budget 2025-26. These policies aim to provide the capital support necessary for creating world-class shipyards, including breakwater protection and capital dredging infrastructure. In addition to Thoothukudi, land parcels in Gujarat and Andhra Pradesh are being positioned to attract international investments in shipbuilding. Officials revealed that interest has already been received from companies in France, the Netherlands, and the Middle East, as India opens its doors to global players seeking to diversify supply chains and reduce reliance on East Asian yards. The government's efforts are part of a broader ambition to elevate India's presence in the global shipbuilding market, where it currently holds less than 1 per cent share. New policy frameworks aim to propel India into the top 10 global shipbuilding nations by 2030, and into the top 5 by 2047. In parallel, India is also strengthening its shipping operations through Bharat Container Line , a proposed national container carrier designed to reduce reliance on foreign-flagged vessels and boost India's control over outbound and inbound trade routes. The shipbuilding policy, first launched in December 2015, which offered incentives for contracts signed between April 2016 and March 2026, is also being expanded. It has so far focused on vessels with green fuel capabilities and specialised marine applications, such as wind farm installation ships. As India lays the foundation for a maritime revival, partnerships like the one between HD Hyundai and CSL are expected to be the first of several aimed at reshaping the country into a major player in global maritime manufacturing and logistics. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
13-02-2025
- Business
- Yahoo
India plans new container line, maritime expansion
In a move that underscores the country's expanding global ambitions, India announced a multifaceted maritime initiative to bolster trade and widen the country's reach in seaborne commerce. Plans call for the launch of a new liner operator, Bharat Container Line, which New Delhi hopes will reduce India's reliance on foreign vessel operators. The project initially envisions a fleet of 100 vessels to ply what published reports described as key trade routes. By comparison, the world's largest container carrier, Mediterranean Shipping Co., operates almost 900 carrier Shipping Corp. of India (SCI) operates just four container ships, two owned and two chartered, according to data compiled by Alphaliner. This week India Prime Minister Narendra Modi visited ocean carrier CMA CGM's headquarters in Marseilles with French President Emmanuel Macron, for discussions on logistics cooperation. India also announced a $3 billion Maritime Development Fund aimed at expanding domestic shipbuilding and port infrastructure overseas. India's ambitions compare to the extensive belt-and-road development in other countries by China. On Wednesday, SCI agreed to a strategic partnership with one of India's largest downstream petroleum importers, government-owned Bharat Petroleum Corp. Ltd., another element of the government's maritime imports of Russian crude oil were banned by the European Union following the invasion of Ukraine in 2022, India became a key transshipment hub for diesel, aviation fuel and other products made from discounted Russian oil and sold to buyers in Europe. So much so that Russia replaced Iraq as India's biggest crude supplier, according to the Indian Ministry of Commerce and Industry. Recent U.S. sanctions on 160 Russian tanker vessels — a 'dark fleet' of older ships with murky ownership — sought to further cut Russia off from crude markets, with partial success. While some ships and their cargo have been halted, others have made their way to terminals in China and India, according to published reports, turning off their satellite identification equipment in order to hide their locations. Modi is scheduled to meet with President Donald Trump in Washington this week. Find more articles by Stuart Chirls aircraft carrier, merchant ship collide in Mediterranean Analyst: Shippers' tariff fears could keep trans-Pacific container rates up during February 'dip'Trump tariffs see retailers boosting US container imports Hydrogen trucks to get fuel station near busy East Coast container port The post India plans new container line, maritime expansion appeared first on FreightWaves.
