HD Hyundai, South Korea’s dominant shipbuilder, has inked its first partnership with an Indian counterpart, signing a memorandum of understanding with state-owned Cochin Shipyard as both nations pursue larger slices of the global maritime market.
The agreement positions HD Hyundai to capitalize on India’s aggressive shipbuilding expansion, which government data shows is projected to grow at 60% annually through 2033. India’s shipbuilding and repair market, valued at around $90 million in 2022, expanded more than twelvefold to $1.12 billion by 2024, creating opportunities for foreign partnerships.
The partnership comes as India targets becoming a top-10 global shipbuilder by 2030 and top-five by 2047, backed by a planned ₹25,000 crore ($3 billion) maritime development fund. India currently ranks 22nd globally with less than 1% market share, well behind China, South Korea and Japan’s combined 93% dominance.
For HD Hyundai, the tie-up represents geographic diversification as the company faces intensifying competition in traditional markets. South Korean shipyards clinched orders totalling 1.05 million compensated gross tonnes for eight ships in June, accounting for 41% of global orders, maintaining the country’s second-place position behind China.
The collaboration covers technology transfer, workforce training and joint bidding for contracts, though the actual commercial impact will depend on execution rather than memorandums.
