India's share in global ship recycling rose to 35.4 percent in 2025, from 30.1 percent in 2024, the ministry of ports, shipping and waterways said in a statement on Tuesday, June 23, citing a report by the United Nations Conference on Trade and Development (UNCTAD).
Ship recycling in India increased to 2.99 million gross tons (GT) in 2025, up nearly 60 percent from 1.86 million GT in 2024. “With this achievement, the target set under Maritime India Vision 2030 to become the world’s leading ship recycling nation has been achieved well ahead of schedule,” the ministry said.
To strengthen India’s ship recycling ecosystem and capture a larger share of the global market, the ministry has undertaken several initiatives, including ensuring compliance with the Hong Kong International Convention for Safe and Environmentally Sound Recycling of Ships (HKC), which India ratified in 2019, it said.
The government also enacted the Recycling of Ships Act, 2019, to align the domestic ship recycling ecosystem with the Convention. In addition, it has provided financial assistance to modernize ship recycling yards, enabling 115 facilities to become HKC-compliant.
The ministry also launched the Ship-breaking Credit Note Scheme, under which ship owners receive a credit note equivalent to 40 percent of the scrap value of a recycled vessel. “The credit note can be utilized toward payment of up to five percent of the value of a new vessel built at an Indian shipyard, thereby promoting both ship recycling and domestic shipbuilding,” it said.
According to the Baltic and International Maritime Council (BIMCO), more than 16,000 vessels are expected to be recycled globally over the next decade. With a current market share of 35.4 percent, India is well positioned to recycle 500-600 vessels annually while continuing to expand its capacity.