Latest news with #HongKongInternationalConventionfortheSafeandEnvironmentallySoundRecyclingofShips
Business Upturn
3 days ago
- Business
- Business Upturn
Global Ship Recycling Market to Reach $13 Billion by End of 2030
By GlobeNewswire Published on August 12, 2025, 23:36 IST Boston, Aug. 12, 2025 (GLOBE NEWSWIRE) — According to the latest study from BCC Research, the 'Global Ship Recycling Market' is estimated to increase from $9.1 billion in 2025 to $13 billion by the end of 2030, at a compound annual growth rate (CAGR) of 7.4% from 2025 through 2030. The report presents a comprehensive analysis of the global ship recycling market, combining quantitative and qualitative insights to highlight the latest trends and developments. It evaluates market performance in terms of revenue, measured in millions of dollars. The market is segmented by vessel type, including bulk carriers, container ships, oil tankers, general cargo ships, and others. It also categorizes vessels by size: below 60,000 DWT, between 60,000 DWT and 125,000 DWT, and above 125,000 DWT. Additionally, the report examines ship recycling methods such as beaching, dry-docking, alongside/pier-breaking, and other emerging techniques. This report is especially relevant today due to the imminent enforcement of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships. Although adopted in 2009, the convention officially came into force on June 26, 2025, introducing stricter global standards for ship recycling. Its primary objective is to ensure that ships, at the end of their operational life, are dismantled in a manner that minimizes risks to human health, safety, and the environment. This regulatory shift is expected to significantly impact industry practices, making timely insights and analysis crucial for stakeholders. The factors driving the market's growth include: Increasing Demand for Scrap Steel: Scrap steel recovered from dismantled ships is a valuable resource for steel production, especially in countries with growing infrastructure needs. It offers a cost-effective and environmentally friendly alternative to producing new steel, driving demand for ship recycling. Increasing Age of the Global Shipping Fleet: Many ships in operation are nearing or have exceeded their optimal service life, making them inefficient and costly to maintain. As older vessels are phased out, they enter the recycling stream, providing a steady supply for the industry. Stringent Ship End-of-Life Regulations: International and regional regulations now require ships to be dismantled in safe, environmentally sound facilities. These rules promote responsible recycling practices, increasing demand for certified shipbreaking yards and boosting market growth. Request a sample copy of the global market for ship recycling report. Report Synopsis Report Metric Details Base year considered 2024 Forecast period considered 2025-2030 Base year market size $7 billion Market size forecast $13 billion Growth rate CAGR of 7.4% for the forecast period of 2025-2030 Segments covered Vessel Type, Vessel Size, Methods Countries covered Bangladesh, India, Pakistan, Turkey, Rest of the World Market drivers Increasing Demand for Scrap Steel Increasing Age of the Global Shipping Fleet Stringent Ship End-of-Life Regulations Interesting facts: In 2024, the three major vessel types of general cargo ships, bulk carriers and container ships accounted for 60% of the market share. Bangladesh, India and Pakistan holds more than 90% market share in the global ship recycling market. Breaking down a 40,000 ton ship can take about three months for 50 workers. Emerging startups: Wreckdock Vessel Recycling: The company offers sustainable solutions for end-of-life maritime assets. Its new recycling facility in Saudi Arabia is designed to provide clean, safe, and equitable practices for the dismantling and recycling of ships and offshore assets. Elegant Exit Co.: The company is involved in ship recycling innovation, advancing financial strategies and industrial processes. The company's plan includes owning and operating these vessels until their planned recycling date. The report addresses the following questions: What are the projected size and growth rate of the market? The global ship recycling market was valued at $7 billion in 2024 and will reach $13 billion by 2030. The CAGR is 7.4% for the forecast period 2025-2030. Which factors are driving the growth of the market? Increasing demand for scrap steel. Increasing age of the global shipping fleet. Stringent ship end-of-life regulations. What are the major challenges and restraints in the market? Limited availability of vessels. Growth of global trade. Health hazards in irresponsible ship recycling. Which market segments are covered in the report? The ship recycling market is segmented on the basis of vessel type, vessel size and methods. The vessel type segment is further segmented into bulk carriers, container ships, oil tankers, general cargo ships and others. The vessel size segment is sub-segmented into below 60,000 DWT, 60,000 DWT to 125,000 DWT and above 125,000 DWT. The method segment is sub-segmented into beaching, dry-docking, alongside/pier-breaking and others. Which method segment will be dominant through 2030? The beaching method will be dominant in this segment. Which country has the largest market share? Bangladesh has the largest market share; the market is gaining interest mainly due to the high prices offered by recyclers from the region and the less stringent regulation imposed to handle ship breaking. Market leaders include: ALANG SOSIYA SHIP RECYCLING YARD DORTEL GEMI SOKUM EMR USA HOLDINGS INC. KSRM STEEL PLANT LTD. LEELA WORLDWIDE GROUP LEYAL GEMI SOKUM MARINE METALS MRC PORT COLBORNE OSM THOME PRIYA BLUE INDUSTRIES R.L. KALTHIA SHIP BREAKING PVT. LTD. SALASAR BALAJI SHIP BREAKERS PVT. LTD. SPOT SHIPPING A.S. VMS INDUSTRIES LTD. WIRANA Purchase a copy of the report direct from BCC Research. For further information on any of these reports or to make a purchase, contact [email protected]. About BCC Research BCC Research market research reports provide objective, unbiased measurement and assessment of market opportunities. Our experienced industry analysts' goal is to help you make informed business decisions free of noise and hype. For media inquiries, email [email protected] or visit our media page for access to our market research library. Any data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. 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Express Tribune
25-06-2025
- Business
- Express Tribune
Govt approves Rs12b to transform Gadani yard
Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry has announced the approval of Rs12 billion for transforming the Gadani Ship-Breaking Yard into a model green facility, aligning the maritime sector with international climate and environmental standards. According to an official statement released on Wednesday, while chairing a high-level meeting on the Gadani redevelopment, Chaudhry underscored the ship-breaking industry's contribution to the economy and its potential role in the country's climate resilience strategy. "Ship recycling must evolve to meet global sustainability standards. This transformation is essential to reduce pollution, manage hazardous waste responsibly, and contribute to a greener maritime future," he said. The maritime minister added that this major initiative focuses not only on modernising infrastructure and safety mechanisms but also on addressing the climate crisis through green shipping and environmentally responsible ship recycling. Secretary Maritime Affairs Syed Zafar Ali Shah informed the minister that a 30-bed hospital, residential blocks for medical staff, and labour colonies will be constructed as part of the project's social uplift component. Additionally, 32 kilometres of roads, a school, a public park, and modern water supply and treatment systems will be installed to support the workforce and local community. The minister directed the relevant authorities to establish a robust monitoring mechanism to ensure transparency and the timely implementation of the project. He stressed that the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC) must be strictly observed. He noted that Gadani produces over 1.2 million tonnes of steel annually, making it a critical part of Pakistan's scrap and steel supply chain. However, after years of stagnation, the industry is now facing serious challenges in keeping pace with regional competitors. "Gadani was once among the world's largest ship-breaking hubs. Today, it stands at a crossroads — either we modernise it in line with green shipping goals or risk further decline," he warned. Chaudhry emphasised that the revitalisation of Gadani would contribute to Pakistan's broader climate goals, support the green economy, and reposition the country as a regional leader in sustainable ship recycling. He reaffirmed his commitment to working with provincial governments and industry stakeholders to establish Gadani as a model yard for safe, climate-resilient, and economically viable ship-breaking.
