Cochin Shipyard Limited (CSL) has signed a Memorandum of Understanding with South Korea-based HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (KSOE) to explore long-term collaboration across multiple areas of shipbuilding and maritime development. The agreement, signed on July 4, 2025, outlines cooperation in new shipbuilding opportunities, technology exchange, productivity improvements, workforce development, and other shipbuilding-related initiatives.
The MoU provides for joint exploration of shipbuilding projects in both domestic and international markets. It also includes provisions for sharing technical expertise to align with international standards, identifying strategies to improve capacity utilization, and efforts to upskill the workforce.
“This MoU sets the stage for long-term cooperation between the two companies in various domains of shipbuilding and maritime development,” said CSL in a statement.
KSOE oversees the operations of Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries, and is involved in the construction of commercial vessels, naval platforms, and offshore infrastructure.
The companies stated that this collaboration aligns with broader policy initiatives to enhance investment in India’s maritime sector, including the Maritime Development Fund and national plans aimed at upgrading shipbuilding and port infrastructure.
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (HD KSOE), the world’s largest shipbuilder and a core holding of HD Hyundai Group. In 2024, HD KSOE reported revenues of approximately USD 18.3 billion and an operating income of USD 1.86 billion, supported by thousands of employees across multiple advanced shipyards. The company is renowned for its leadership in building a wide spectrum of vessels—including LNG carriers, container ships, and offshore platforms—and for pioneering green ship technologies and advanced marine engines. As the holding company for Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries, HD KSOE sets industry benchmarks in both commercial and naval shipbuilding, as well as offshore engineering.
Cochin Shipyard Limited, India’s largest shipbuilding and maintenance facility, reported a revenue of INR 41,406 crore (about USD 5 billion) and a net profit of INR 7,833 crore (about USD 945 million) for FY24, with operating margins around 23%. CSL is majority-owned by the Government of India (holding 72.86% of shares) and is well known for constructing some of the largest vessels in India, including the Indigenous Aircraft Carrier for the Indian Navy. While its primary focus is on shipbuilding, CSL has also seen significant growth in ship repair, which now contributes over half its operating revenue.
