HD Korea Shipbuilding and Offshore Engineering, a division of South Korean shipbuilding group HD Hyundai, has signed a comprehensive Memorandum of Understanding (MOU) with Indian state-owned shipbuilder Cochin Shipyard (CSL).
Through the agreement, the two companies will pursue strategic cooperation in various areas, including providing design and purchasing support for CSL, technical cooperation to improve productivity, and upgrading education and training systems.
HD Hyundai and CSL have also agreed to jointly explore opportunities to win ship orders in the Indian and overseas markets.
The companies stated that the cooperation aligns with the Indian Government's maritime industry development roadmaps, such as the "Maritime India Vision 2030".
The announcement cited market research data showing that the Indian shipbuilding market grew from about $90 million in 2022 to $1.12 billion in 2024 with further growth projected until 2033.
HD Hyundai also signed an MOU in June with American shipbuilder Edison Chouest Offshore to construct medium-sized LNG dual-fuel containerships in the United States.