India becomes world’s top ship recycling nation in 2025 with 35.4 pc market share: Ministry

New Delhi, June 22 (IANS) India has emerged as the world’s leading ship recycling nation in 2025, capturing 35.4 per cent market share of global ship recycling in 2025 up from 30.1 per cent in prior year, according to the latest report by the United Nations Conference on Trade and Development (UNCTAD).

Ship recycling in India rose significantly to 2.99 million gross tons (GT) in 2025, up nearly 60 per cent from 1.86 million GT in 2024, an official statement said.

With this achievement, the target set under Maritime India Vision (MIV) 2030 to become the world’s leading ship recycling nation has been achieved well ahead of schedule, the statement from Ministry of Ports, Shipping and Waterways said.

This achievement reflects the impact of maritime policy reforms and ease-of-doing-business initiatives undertaken by the government under the visionary leadership of Prime Minister Narendra Modi.

“India’s emergence as the world’s top ship recycling nation reflects the success of sustained policy reforms, industry efforts and adherence to international environmental and safety standards,” said Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal.

The Baltic and International Maritime Council (BIMCO) found that over 16,000 vessels are expected to be recycled globally over the next decade. With a current market share of 35.4 per cent, India is well-positioned to recycle approximately 500 to 600 vessels annually while continuing to expand its ship recycling capacity.

The ministry cited several maritime initiatives including ease‑of‑doing‑business measures as reasons for the achievement.

The government enacted the Recycling of Ships Act, 2019, to develop a ship recycling ecosystem aligned with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC).

The government has provided financial assistance of Rs 53.5 crore to support the modernisation of ship recycling yards, helping 115 facilities become HKC-compliant.

MoPSW launched the Ship-breaking Credit Note Scheme, under which ship owners receive a credit note equivalent to 40 per cent of the scrap value of a recycled ship and the government is pursuing the inclusion of Indian ship recycling yards in the European Union’s approved list of recycling facilities.

—IANS

aar/pk