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last mo.

HD Hyundai and Cochin Shipyard Forge Landmark MOU to Expand Shipbuilding Collaboration

The pact supports India’s goal to join the world’s top 10 shipbuilders by 2030, drawing on a new INR 250 billion maritime development fund

This photo, provided by HD Hyundai Co., shows a facility of India's state-owned shipbuilder Cochin Shipyard Ltd. (PHOTO NOT FOR SALE) (Yonhap)

Overview

  • The MOU, signed on July 4, commits the companies to long-term cooperation in design support, technical productivity enhancements, workforce training and joint pursuit of shipbuilding contracts.
  • It marks the first partnership of its kind between a Korean shipbuilder and India’s state-owned Cochin Shipyard, representing HD Hyundai’s full-scale entry into the Indian market.
  • Cochin Shipyard has delivered 70 vessels over the past five years, spanning 60 small commercial ships and 10 naval vessels, and holds a 67.91% stake by the Indian government.
  • India’s Ministry of Ports, Shipping & Waterways launched a INR 250 billion Maritime Development Fund to support its aim of ranking among the top 10 shipbuilding nations by 2030 and top five by 2047.
  • The agreement follows HD Hyundai’s MOUs with Huntington Ingalls Industries in April and Edison Chouest Offshore in June as part of its strategy to expand its global shipbuilding network.