As shipping lines rush to upgrade their fleet in compliance with global emission regulations, world’s prominent shipyards in China, South Korea and Japan are flush with orders till 2028. This trend is forcing shipping lines to look for secondary markets for placing orders for newbuilds. Adani Group is planning to take up shipbuilding at Mundra Port, which is also the biggest in the country. Further, Maritime India Vision 2030 puts India among the top 10 global shipbuilding destinations by 2030 and further the Amrit Kaal vision looks at India among the top 5 shipbuilding destinations.
At present India is at the 20th position among the top shipbuilding nations with a market share of 0.05%. Ships flagged in India account for 5% of the country’s overseas cargo carrying tonnage. KPMG predicts India’s shipbuilding market to grow to $62 billion by 2047.
