India has become the world’s leading ship recycling nation in 2025, capturing a 35.4% share of the global market, according to a report by the United Nations Conference on Trade and Development.
NEW DELHI – India has emerged as the foremost ship recycling nation globally in 2025, achieving a 35.4 percent share of the international ship recycling market. This marks a significant increase from 30.1 percent in the previous year, as reported by the United Nations Conference on Trade and Development (UNCTAD).
The volume of ship recycling in India surged to 2.99 million gross tons (GT) in 2025, reflecting a nearly 60 percent increase from 1.86 million GT in 2024. This growth was highlighted in a statement released by the Ministry of Ports, Shipping and Waterways (MoPSW).
With this achievement, India has surpassed its target set under the Maritime India Vision (MIV) 2030 to become the leading nation in ship recycling, accomplishing this goal ahead of schedule, according to the ministry.
Union Ports, Shipping and Waterways Minister Sarbananda Sonowal praised the accomplishment, stating, “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 Indian government has enacted the Recycling of Ships Act, 2019, aimed at developing a ship recycling ecosystem that aligns with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC).
Additionally, the government has allocated Rs 53.5 crore in financial assistance to modernize ship recycling yards, enabling 115 facilities to achieve compliance with HKC standards. Under the Ship-breaking Credit Note Scheme, ship owners are provided a credit note equivalent to 40 percent of the scrap value of a recycled ship. Efforts are also underway to include Indian ship recycling yards in the European Union’s approved list of recycling facilities.
With its current 35.4 percent share of the global market, India is well-positioned to recycle approximately 500 to 600 vessels annually over the next decade while continuing to enhance its ship recycling capacity, the ministry noted.
This significant advancement in ship recycling underscores India’s commitment to sustainable practices and its growing influence in the global maritime industry, according to IANS.