Reference News Network, November 5 report: The "Japan Economic News" published an article titled "India Pursues to Become a 'Shipbuilding Power' - Alternatives Arise from U.S.-China Rivalry" on October 31. The authors are Satoshi Hidaka and Takahiro Okabe. The article excerpts are as follows:

India's shipbuilding industry is actively exploring overseas markets. The state-owned leading shipyard, Cochin Shipyard, has received its first container ship order from a French maritime giant, while Japanese shipping company Mitsui O.S.K. Lines is also considering placing an order. With the intensifying U.S.-China rivalry, India is aiming to develop by capitalizing on the opportunity of order transfers.

"The Indian maritime industry in the 21st century is developing with astonishing speed and vitality," said Prime Minister Narendra Modi in a speech at an international maritime event held in Mumbai on October 29, emphasizing that the government will strongly support the development of the shipbuilding industry and port construction.

The event attracted participants from governments and industry representatives of 85 countries, with discussions on strengthening the global maritime system and over 500 companies exhibiting.

The Indian government has set ambitious goals to transform the country into a global maritime hub. India plans to increase its share of global freight volume from about 1% to 20% by 2047. The Indian government announced the establishment of a 697.3 billion rupees (approximately 7.854 billion U.S. dollars) Ocean Development Fund in September, specifically investing in the shipbuilding industry and marine infrastructure.

Cochin Shipyard is the core enterprise of India's shipbuilding industry. Established in 1972, it built its first dry dock in 1982 with the support of Mitsubishi Heavy Industries. In the past five years, Cochin Shipyard has delivered 70 ships, including small merchant ships and warships, achieving growth by focusing on the domestic market.

To achieve further development, Cochin Shipyard is actively expanding into overseas markets. The company signed a technical cooperation memorandum of understanding with HD Hyundai Marine, the largest shipbuilder in South Korea, in July this year, aiming to secure orders from international maritime giants through collaboration with the latter.

On October 15, Cochin Shipyard announced that it had received an order for six LNG-powered container ships from CMA CGM Group, a French shipping company.

Mitsui O.S.K. Lines is also considering purchasing crude oil tankers from Cochin Shipyard. According to Reuters, Mitsui O.S.K. Lines President Takashi Hashimoto stated at an energy industry event in Singapore in September, "The Indian government hopes to build new ships domestically, and we also want to participate in this project."

India's shipbuilding industry continues to expand. According to data from the Indian government departments, approximately 200 ships were completed in the fiscal year 2023, which is about three times that of the fiscal year 2020.

Due to rising geopolitical risks, shipping companies are diversifying their orders, which is a favorable factor for India's shipbuilding industry.

In recent years, high raw material prices, along with increased orders due to the booming shipping industry, have caused ship prices to rise continuously. Labor shortages have intensified supply and demand tensions, making India an important alternative.

Currently, China, Japan, and South Korea account for more than 90% of the global shipbuilding industry (completed volume). India has not yet ranked among the top, still facing many challenges such as talent development and supply chain improvement.

At a seminar on October 29, Chairman of Cochin Shipyard Madhu Nair emphasized, "To promote the development of India's shipbuilding industry, long-term vision and continuous investment are essential. We must focus on planning for more than 15 years and proceed carefully and patiently with relevant work," calling on the government to maintain policy continuity.

International shipping vessels undergo maintenance and regular inspections, with a service life exceeding 20 years. To gain the long-term trust of shipping companies, Indian shipbuilding enterprises need to continue improving ship performance and after-sales services. (Translated by Ma Xiaoyun)

On October 6, a container ship was sailing off the coast of Chennai, Tamil Nadu, India. (AFP)

Original article: https://www.toutiao.com/article/7569158487800807970/

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