Page 3 - Shipbuilding

Govt approves policy to create 40,000 shipbuilding jobs in Maharashtra

The Maharashtra government on Tuesday approved a policy to transform the state into a major hub for building ships, undertaking their repair, recycling, and create a supportive ecosystem to develop skilled manpower for the key sector. Capital subsidy, financial assistance for skill development per projects and land at concessional rates or long-term leases to corporate entities interested in setting up facilities in the sector are key features of the policy approved by the state cabinet at its meeting in Mumbai. Ports Minister Nitesh Rane highlighted that India is surrounded by the sea on three sides and given its strategic importance in international trade, the Maharashtra government has resolved to transform the coastal state into a major centre for shipbuilding, repair, and recycling. "The state government has devised the Shipbuilding, Ship Repair, and Ship Recycling Policy, 2025. Given Maharashtra's strategic role in the maritime sector, a dedicated shipyard and recycling policy

Rs 40k-crore Sagarmala 2.0 to provide support for shipbuilding, repair

A new startup innovation scheme launched to boost maritime entrepreneurship

Budget 2025: Shipbuilding gets big push from govt eyeing global trade

The Maritime Development Fund announced by the FM will have a corpus of Rs 25,000 cr; besides, tax breaks and easier infra credit access to shipbuilders aim to reinvigorate the shipbuilding industry

FM announces Rs 25K cr Maritime Development Fund to boost shipping

Sitharaman announces shipbreaking credit note scheme, Maritime Development Fund

Why shipbuilding needs a sea change to fulfil India's 2047 dreams

India paid $109 billion in sea freight to foreign operators in 2021-22, and last year stood vulnerable to international price volatility and impact of sanctions on Russia during the geopolitical crise

India can emerge as a hub for green shipbuilding: Maritime expert

India has "great potential" to emerge as a hub for green shipbuilding, backed by the government's strong focus on alternative fuels and renewable energy, a maritime industry expert said on Wednesday. Modernisation and upgradation of Indian shipyards is in progress, while older dockyards are being assessed for reopening and adding more capacities for green shipbuilding given a strong pickup in global demand, said Cristina Saenz de Santa Maria, Regional Manager South East Asia, Pacific & India, Maritime at DNV, a Norway-based testing, certification and technical advisory services provider. "We see great potential in India emerging as a hub for green shipbuilding, driven by its government's strong focus on alternative fuels and renewable energy like biofuels and wind power," said the industry veteran. The Indian government is encouraging investments and technology transfer from Japanese and Korean shipyards to establish shipbuilding and ship repair clusters in the country. This comes

Ship-building clusters to come up in 5 states, says Sarbananda Sonowal

Ship-building and ship repair clusters will be established in five states including Gujarat, Andhra Pradesh and Maharashtra, Union Minister for Ports, Shipping and Waterways (MoPSW) Sarbananda Sonowal said on Wednesday. Recognizing the strategic importance of shipbuilding and ship repair, the ministry is developing dedicated clusters in Maharashtra, Kerala, Andhra Pradesh, Odisha, and Gujarat, Sonowal said while highlighting the major accomplishments of his ministry in the first 100 days of the third term of the NDA government. In the next five years, the ministry projects container handling to reach an impressive 40 million TEUs (twenty-foot equivalent unit), creating 2 million job opportunities across the country. Jawaharlal Nehru Port Authority (JNPA) alone will scale up its handling capacity from the current 6.6 million TEUs to 10 million, he added. The minister also said that 3,900 acres of land has been allotted in Deendayal Port Authority (DPA) and V. O. Chidambaranar Port ..

What does the global shipbuilding industry look like, and where is India?

India's shipbuilding industry aims to become one of the top ten by 2030, here is where India stands compared to the rest of the world

India seeks investments from South Korea & Japan for shipbuilding clusters

India is seeking investments and technology transfer from South Korea and Japan to establish shipbuilding and ship repair clusters to promote the domestic shipping supply chain in the country, according to a senior government official. Currently, India holds less than 1 per cent of the global shipbuilding market, dominated by China, South Korea, and Japan. "We are looking at South Korea and Japan for investments and technology transfer for establishing shipbuilding and ship repair clusters in India," TK Ramachandran, Secretary in Ministry of Ports, Shipping and Waterways (MoPSW), told a group of journalists here. Ramachandran was in Goa to participate in the 20th Maritime State Development Council (MSDC), where plans for a mega shipbuilding park, spanning multiple states, were discussed. "We have communicated to them (South Korea and Japan) that you come with your technology and investments, we will provide you land for setting up shipbuilding and ship repair clusters," he ...

Centre in talks with coastal states on shipbuilding clusters in India

New maritime arbitration centre, policy think tank to be set up, says ministry

India to approve Rs 25,000 crore for shipbuilding and infrastructure

India's Maritime Development Fund (MDF) is likely to receive a Rs 25,000 crore boost to support low-cost, long-term indigenous manufacturing projects

US Navy shipbuilder Austal USA agrees to pay $24 mn to settle fraud probe

Austal USA, an Alabama-based shipbuilder that makes vessels for the US Navy, has admitted wrongdoing and agreed to pay a USD 24 million fine to settle an accounting fraud investigation, the US Department of Justice announced Tuesday. From 2013 through July 2016, Austal USA conspired to mislead shareholders and investors about the company's financial condition, the department said. The company pleaded guilty to one count of securities fraud and one count of obstruction of a federal audit. Austal USA engaged in a years-long scheme to illegally inflate its profits on ships the company was building for the US Navy, reporting false financial results to investors, lenders, and its auditors, Nicole M. Argentieri, principal deputy assistant attorney general and head of the Justice Department's Criminal Division, said in a statement. Austal USA LLC is a subsidiary of Australia-based Austal Limited and builds littoral combat ships for the Navy that are designed to operate in shallow coastal .

New shipbuilding scheme to incentivise Indian shipyards till 2035

Ministry of Ports, Shipping and Waterways (MoPSW) is working on a new shipbuilding scheme, which would incentivise Indian shipyards till 2035 by various measures, a senior government official has said. Ports, Shipping and Waterways Secretary T K Ramachandran further said with the new policy, India will endeavour to be among the top 10 shipbuilding nations by 2030 and the top five by 2047, from 22nd in the world at present. "Yes, this ministry is working on a new shipbuilding scheme, which would incentivise Indian shipyards till 2035 by various measures," he told PTI. Ramachandran also said global cruise major MSC Cruises, based out of Geneva, has expressed willingness to deploy their ships for domestic itinerary. He said MoPSW in coordination with Ministry of Petroleum and Natural Gas is planning to have a JV between Shipping Corporation of India (SCI) and oil marketing companies to own large tankers. "The model of ownership is still to be decided depending upon demand requirement

Govt will come out with new shipbuilding policy soon: Shipping Minister

The industry had shown several concerns about the policy, which are now being deliberated on by the ministry before it unveils the final policy

Gautam Adani to start shipbuilding at Mundra port amid global demand surge

The Adani Group's undisclosed shipbuilding initiative is embedded within Mundra Port's Rs 45,000 crore expansion plan, recently cleared by environmental authorities

Stock of this shipbuilding company has zoomed over 100% in 5 months

Shares of Cochin Shipyard (CSL) hit a new high on Monday after the shipbuilder signed Master Shipyard Repair Agreement (MSRA) with the United States Navy.

World's largest cruise ship begins its maiden voyage from the Port of Miami

The world's largest cruise ship is set to begin its maiden voyage Saturday as it gets underway from the Port of Miami. Royal Caribbean's Icon of the Seas, which runs nearly 1,200 feet (365 metres) from bow to stern, is leaving South Florida for its first seven-day island-hopping voyage through the tropics. The ship was officially christened Tuesday with help from soccer legend Lionel Messi and his Inter Miami teammates. Icon of the Seas is the culmination of more than 50 years of dreaming, innovating and living our mission to deliver the world's best vacation experiences responsibly," Royal Caribbean Group President and CEO Jason Liberty said earlier this week. She is the ultimate multigenerational family vacation, forever changing the status quo in family travel and fulfilling vacation dreams for all ages on board. When the Icon of the Seas was first revealed in October 2022, the ship spurred the single largest booking day and the highest volume booking week in Royal Caribbean's .

Kochi poised to become important shipbuilding hub, says Sarbananda Sonowal

The minister said that CSL is the biggest operational ship repair ecosystem infrastructure in South Asia

Titagarh Rail plans to raise up to Rs 700 cr via QIP, seeks JV partner

Engineering company Titagarh Rail Systems Ltd on Wednesday said it plans to raise up to Rs 700 crore through a Qualified Institutions Placement (QIP) and seeks a strategic partner for the shipbuilding, bridges, and defence business. In a regulatory filing, the company said proceeds from the QIP will be used to strengthen the company's position in its core businesses and to fund future growth initiatives. The company will seek the requisite approval from its shareholders for the QIP issue. Its board approved the QIP plan at its meeting and also constituted a committee for scouting a partner for the Shipbuilding, Bridges and Defence (SBD) business. Currently, wagons and rail passenger coaches are its core operation and are foraying into railway wheels through a joint venture. The company in June had also approved raising Rs 288.80 crore through preferential allotment of shares to Smallcap World Fund Inc., resulting in a 5.98 per cent stake in the wagon maker. In addition to the QIP,

Germany may ink Rs 45,000-crore deal to build submarines for India

ThyssenKrupp Marine Systems to sign pact with Mazagon Dock today