According to the 'Review of Maritime Transport 2025' report released by the UN Conference on Trade and Development (UNCTAD), India has become the world's leading ship recycling nation in 2025. India increased its global share in ship recycling to 35.4% (up from 30.1% in 2024).
The recycling volume reached 2.99 million gross tons (GT), marking a nearly 60% increase from 1.86 million GT. With this development, India has surpassed its Maritime India Vision (MIV) 2030 target five years ahead of schedule.
The Ship-breaking Credit Note Scheme (SbCN) offers credits worth 40% of the scrap value, which are usable up to 5% of the cost of a new vessel. Additionally, the government provided ₹53.5 crore in modernization support, enabling the establishment of 115 Hong Kong International Convention (HKC)-compliant facilities.