India Becomes World’s No. 1 Ship Recycling Nation

NEW DELHI- India has emerged as the world’s leading ship recycling nation in 2025, capturing a 35.4 per cent share of global ship recycling, up from 30.1 per cent in the previous year, according to the latest report by the United Nations Conference on Trade and Development (UNCTAD).

Ship recycling in India rose to 2.99 million gross tons (GT) in 2025, up nearly 60 per cent from 1.86 million GT in 2024, according to a statement issued by the Ministry of Ports, Shipping and Waterways (MoPSW).

With this, the target under the Maritime India Vision (MIV) 2030 to become the world’s leading ship recycling nation has been achieved well ahead of schedule, the ministry said.

Union Ports, Shipping and Waterways Minister Sarbananda Sonowal hailed the achievement, saying, “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.”

The ministry said 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).

It has also provided Rs 53.5 crore in financial assistance to modernize ship recycling yards, helping 115 facilities become HKC-compliant. Under the Ship-breaking Credit Note Scheme, ship owners receive a credit note equivalent to 40 per cent of the scrap value of a recycled ship. The government is also pursuing the inclusion of Indian ship recycling yards in the European Union’s approved list of recycling facilities.

With its current 35.4 per cent global market share, India is well positioned to recycle around 500 to 600 vessels annually over the coming decade while continuing to expand its ship recycling capacity, the ministry said. (IANS)