Maersk
AP Moller-Maersk has signed a memorandum of understanding with India’s Cochin Shipyard to explore ship repair and shipbuilding opportunities.
The strategic partnership, which aligns with India’s aim to be among the top 10 maritime nations by 2030 and the top five by 2047, is expected to see the first Maersk vessel repair at Cochin already in 2025.
Earlier this month, India’s finance minister, Nirmala Sitharaman, revealed a $2.9bn maritime development fund scheme for the long-term financing of the country’s shipbuilding and repair industry. The government will contribute 49% of the fund and seek the remainder from ports and the private sector.
The Danish liner giant stated that the alliance comes at a critical time when the global shipping industry is expected to face capacity constraints in ship repair yards and that under the agreement, it will leverage its expertise as an off-taker in its global fleet to strengthen Cochin Shipyard’s capabilities in containership maintenance, repair, and drydocking operations.
The Indian government-controlled Cochin was established in 1972 and is the largest shipbuilding and ship repair yard in the country. The yard said in a stock exchange filing that both companies will also engage in areas such as sharing technical expertise for newbuilding opportunities, joint training programmes, and other skill development initiatives.
The collaboration with Maersk will initially focus on ships up to 7,000 teu for afloat repairs and up to 4,000 teu for drydocking, with capabilities expected to expand over time.
source: splash247.com
