Ship recycling industry likely to grow to 3.8-4.2 mn GT in 2025: Report

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Ship recycling industry likely to grow to 3.8-4.2 mn GT in 2025: Report - Business Standard

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The ship recycling industry in India is expected to grow at compound annual growth rate of around 10 per cent in CY26-CY28, she said, adding cooling-off of Baltic Dry Index, stabilisation of heavy melting scrap prices, and increase in obsolete ships in operations, suggest that more ships will enter the recycling market from CY25 onwards.

"India's ship recycling Industry is poised for major growth in CY25 and is expected to witness similar recycling level in CY24 with an estimate of 2.3 to 2.6 million GT, thereafter a jump to over 3.8 to 4.2 million GT in CY25," said Sajani Shah, Assistant Director at CareEdge.

India's ship recycling industry is expected to grow to 3.8-4.2-million GT (gross tonnage) in 2025, as against an estimated 2.3-2.6-million GT in 2024, according to a report.