According to Indian media reports, Adani Ports Group is considering shipbuilding at the port of Mundra, the flagship port of the ports group, and the shipbuilding plan will be part of a $5.4 billion expansion project at the Mundra port. As the shipbuilding capacity of the three major shipbuilding countries, China, Japan and South Korea, has been fully booked by 2028, there is still a gap in the demand for new ships. Moreover, Adani Ports Group is likely to focus on building green ships in the long run.
In January this year, Prime Minister Narendra Modi's Maritime Vision 2047 mentioned that India is currently ranked 20th in the global commercial shipbuilding market (with a 0.05 per cent share), and is aiming to be in the top 10 by 2030 and among the top 5 by 2047.
Earlier this month, KPMG presented a paper on the sector to India's Ministry of Ports, Shipping and Waterways, which mentioned that the net shipping market potential in India by 2047 is around $62 billion, with a potential of 12 million jobs. In addition, the shipping industry will need around 50,000 ships to replace all the older vessels over the next 30 years.
With the presence of Special Economic Zones (SEZs) under the Adani Ports Group, there is easier access to land and environmental approvals for quick entry into the heavy engineering (shipbuilding) sector. In terms of competitiveness, Indian shipbuilders currently have a cost disadvantage over foreign shipbuilders, with prices about 35 per cent higher, which Adani Ports Group has an opportunity to exploit.
India has eight state-owned shipyards (seven of which are owned by the Ministry of Defence) and 20 private shipyards. A KPMG report shows that most of the capacity of Indian shipyards is skewed towards naval vessels rather than commercial ships.
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