India officially became the world's leading ship recycling nation, capturing a 35.4% global market share. By achieving its Maritime India Vision target five years ahead of schedule, India launched the world's first Shipbreaking Credit Note scheme.

India officially became the world's leading ship recycling nation, capturing a 35.4% global market share. By achieving its Maritime India Vision target five years ahead of schedule, India launched the world's first Shipbreaking Credit Note scheme.
 This initiative links responsible vessel dismantling to domestic shipbuilding, transforming yesterday's ships into subsidies for tomorrow's fleet. 
The Circular Maritime Economy Loop
India has created an unprecedented financial ecosystem that drives both ship recycling and domestic shipbuilding. 
The Credit Note: -
Ship owners who recycle their vessels at environmentally compliant, Hong Kong International Convention (HKC)-compliant Indian yards receive a tradable credit note worth 40% of the ship's scrap value. 
Reinvestment: -
These tradeable notes act as a subsidy and can be used to cover up to 5% of the total value when building a brand-new vessel at any Indian shipyard. 
Raw Materials: -
Ship recycling supplies 20-25% of India's total ferrous scrap, significantly reducing raw material import dependencies. 
Infrastructure & Future Growth
To cement its leadership, India has aggressive plans to scale its operations and meet global environmental compliance. 
Capacity Expansion:-
 The government and the Gujarat Maritime Board have created a comprehensive master plan to nearly double the capacity of the Alang Ship Recycling Yard to about 9 million light displacement tons (LDT). 
Global Approval: -
India is actively pursuing the inclusion of its recycling yards on the European Union Ship Recycling Regulations (EUSRR) approved facility list, which will open lucrative new international markets. 
India becomes world's largest ship recycling nation ahead of 2030 target
22 Jun 2026.
MJF Lion ER YK Sharma 

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