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India plans to recycle 16,000 ships over the next ten years. This target aligns with the estimates of the Baltic and International Maritime Council (BIMCO) for global recycling volumes during the same period, as recently reported by Wirana Shipping Corporation. According to the company’s current market forecast report, the Indian government is demonstrating a clear commitment to promoting ship recycling in the country.
Government investments and capacity expansion
The report highlights that the Indian government has committed $8 billion to support growth in shipbuilding and ship recycling. Additionally, the government aims to double the country’s recycling capacity. Another aspect of India’s strategy is the attempt to obtain a listing of ship recycling facilities under EU regulations. This would allow ships from the European Union to be sent to India for scrapping. The report indicates that this issue is expected to be discussed in the fall with EU member states before a final decision is made.
