Indian Ship Recycling Industry Set to Soar 15% in Revenue Growth

The Indian ship recycling industry is projected to achieve a 15% revenue growth this fiscal year after experiencing two years of decline. This surge is attributed to an increase in the availability of ageing vessels for recycling and the higher competitiveness of Indian ship recyclers compared to those in Bangladesh and Pakistan.


PTI | New Delhi | Updated: 13-06-2024 14:35 IST | Created: 13-06-2024 14:35 IST
Indian Ship Recycling Industry Set to Soar 15% in Revenue Growth
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Crisil ratings has forecasted a promising 15% revenue growth for the Indian ship recycling industry this fiscal year following a two-year slump.

The surge is fueled by an increased availability of ageing vessels due to the addition of new vessel capacity globally, making Indian recyclers more competitive against rivals in Bangladesh and Pakistan.

Indian ship recyclers are slated to dominate the market, capturing a significant share of condemned vessels owing to their higher efficiency and stable credit profiles.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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