Mitsui O.S.K Lines looking for shipbuilding tie-ups with Indian shipyards
TOKYO : Japanese shipping company Mitsui O.S.K. Lines (MOL) is in talks with the Indian government to build ships in partnership with local yards.
The company operates 13 ships of different sizes and categories in India, and is the fourth largest fleet operator in the country. It aspires to become the second-largest fleet operator, Anand Jayaraman, MOL (India) South Asia Middle East Region executive officer, said.
“Aligning with the government of India’s push, we are discussing with the government to build ships in India…Shipbuilding is a high capital-intensive business. We will work with shipyards,” he told reporters in New Delhi. He added that MOL is a ship-owning company and will collaborate with shipyards in India for its requirements of ships. Depending on the position of Indian shipyards to deliver ships, orders will be placed, Jayaraman said, adding that MOL India will soon place an order for medium-range ship tankers from Cochin Shipyard.
“We want to be a part of India’s maritime growth story…We want to be the leader in green shipping,” he said. Jayaraman also announced that MOL India will enter into railway logistics very soon, and some announcement in this regard may come this year or early next year.
The company also plans to pick up minority stakes in 3-4 startups and pursue acquisitions to bolster its air freight operations, particularly in northern India.
India’s ministry of ports, shipping and waterways is working on a set of initiatives to boost shipbuilding in the country. One plan is to develop at least three greenfield shipbuilding cluster on both sides of Indian coast while also developing a couple of projects under the brownfield route, Mint reported earlier.
As part of its shipbuilding plan, India is also talking to companies in Japan and Korea to explore setting up their manufacturing and ship repair facility in India.
Currently, India holds less than 1% of the global shipbuilding market, dominated by China, South Korea, and Japan.