Mitsui OSK to Build Ships in India
Japanese giant eyes India’s maritime growth surge.
Mitsui O.S.K. Lines (MOL), the world’s second-largest shipping company by fleet size, is in advanced discussions with the Indian government to construct ships in India, aiming to play a pivotal role in the country’s ambitious maritime expansion, announced Capt. Anand Jayaraman, Executive Officer for MOL (India) South Asia Middle East Region, during a media briefing on Tuesday. The 141-year-old Japanese shipping giant, which operates a fleet of 935 vessels, is poised to leverage India’s growth potential and government incentives to bolster its presence in the nation’s shipbuilding and shipping sectors.
Jayaraman revealed that MOL (India) has already re-registered 13 ships under the Indian flag—10 under MOL India and three under the Gujarat International Finance Tec-City (GIFT City)—making it the fourth-largest shipowner in India. “We aspire to become the second-largest shipowner in the country,” he stated, emphasizing MOL’s commitment to aligning with India’s maritime vision. The company is actively exploring partnerships with Indian shipyards, including a forthcoming order for medium-range tankers from Cochin Shipyard, to support the government’s push for domestic shipbuilding under the ‘Make in India’ initiative.
“India is where growth is,” Jayaraman said, noting the capital-intensive nature of shipbuilding and MOL’s intent to collaborate with local shipyards to produce high-quality vessels. He highlighted the government’s recently announced subsidy scheme for the shipping sector, which aims to boost India’s share in the global shipbuilding market, currently dominated by China, South Korea, and Japan, where India holds less than 1%. Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal recently outlined plans to establish shipbuilding and ship repair clusters in five states, including Gujarat, Andhra Pradesh, and Maharashtra, with incentives extending until 2035.
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MOL is also diversifying its footprint in India, with Jayaraman announcing plans to enter railway logistics by late 2025 or early 2026, signaling a strategic expansion beyond maritime activities. Additionally, the company intends to invest in three to four Indian startups through its MOL Plus and MOL Switch initiatives, focusing on logistics and clean energy ventures to support sustainable growth. “We want to be the leader in green shipping,” Jayaraman emphasized, aligning with India’s push for eco-friendly maritime solutions.
As India seeks technology transfers from global leaders like Japan and South Korea to strengthen its domestic shipping supply chain, MOL’s engagement underscores its confidence in the country’s potential to emerge as a shipbuilding hub. With ongoing talks and planned investments, MOL is positioning itself as a key partner in India’s maritime growth story, aiming to drive innovation and sustainability in the sector.
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