India targets 20% global market share in ship recycling by 2047
Shyam Jagannathan, Director General of Shipping and Additional Secretary, Union Ministry of Shipping, has said that the shipping sector is undergoing a massive transformation, with India at the forefront of change.
Speaking at the inauguration of the World Maritime Technology Conference (WMTC) 2024 in Chennai on Tuesday, Jagannathan said the country’s goal of achieving a 20% share in the global ship recycling market, with a strong focus on implementing the Hong Kong Convention and climbing to the 5th position in shipbuilding by 2047.
“Shipping is the lifeline of global logistics and supply chains,” Jagannathan said. He identified key challenges such as geopolitical tensions, conflicts, climate change, technology transitions, and the search for alternative fuels, which must be addressed to ensure the sector’s sustainable growth.
Jagannathan emphasized the importance of human elements in technological advancements, pointing out that the maritime industry must foster global collaboration and partnerships to navigate these challenges successfully.
India’s modernization of the Merchant Shipping Act of 1958 and the upcoming Coastal Shipping Bill were also mentioned as key milestones, reflecting the country’s commitment to policy reforms in the maritime sector.
Furthermore, India is focused on ship recycling, aiming to become the global leader in this field, with plans to implement the Hong Kong Convention by April 2025, Jagannathan said.
“By 2047, we aim to elevate India’s position in global shipbuilding from 18th to 5th,” Jagannathan added, signaling India’s strategic vision for the future of the maritime industry.
Arun Sharma, Executive Chairman of the Indian Register of Shipping, noted that the shipping industry has undergone two major super cycles in the last 160 years, and now, in the third super cycle, the industry’s focus is shifting towards reducing emissions rather than merely increasing vessel size.
Sharma also touched upon the ongoing research into the toxicity, availability, and scalability of alternative fuels.
The inauguration marked the beginning of a three-day conference dedicated to discussing the latest advancements and challenges in maritime technology, with industry leaders, experts, and policymakers gathering to drive the sector forward.
(Venkatachari Jagannathan can be reached at venkatacharijagannathan@gmail.com)
