India’s ambition to recycle 16,000 ships over the next decade, broadly matches BIMCO’s estimate for global recycling volumes over the same period. Irrespective of the volume achieved by ship recycling facilities in India, it clearly shows a firm resolve by the Indian government to boost ship recycling in India, according to the latest market outlook report from Wirana Shipping.

The report also cites a USD 8 billion commitment from the Indian government to support growth across shipbuilding and ship recycling, together with plans to double the country’s recycling capacity.

India’s efforts to secure EU listing for its ship recycling facilities is yet another solid area of support to ensure EU flagged ships are also sent to India for ship recycling. The report says the issue is expected to be discussed with EU member states this autumn before any final decision is reached.

Hitesh Vyas, Vice President, Middle East and Green Recycling Coordinator at Wirana Shipping, said: “India’s ambition shows how quickly ship recycling is becoming a strategic issue for shipping. The industry needs to look closely at whether compliant capacity will be available before volumes increase.

Rakesh Khetan, Chief Executive Officer of Wirana Shipping, added: “Steel scrap should not be underestimated. Steel production is a major source of global emissions, and recycled steel can help reduce that footprint. As international markets place more emphasis on carbon intensity, countries that can recover and reuse steel responsibly will be better placed to keep their steel industries competitive