Source: Best Oasis “Similarly, Turkiye is experiencing a market slowdown as the upcoming holiday week is anticipated to dampen activity, reflecting the typical ups and downs associated with regional holidays and their effects on industrial operations. Priya Blue Industries Pvt. Ltd.
is among the key stakeholders expected to participate in a critical meeting scheduled on June 20, 2024, at the Gujarat Maritime Board’s (GMB) Head Office. This meeting is part of preparations for a forthcoming visit by the European Ship Recycling Association (ESCA) and a delegation from the European Parliament’s Environment Committee. The visit, planned for January or February 2025, will assess whether Indian shipyards, including those upgraded by GMB to meet EU standards, align with international environmental regulations.
The Indian ship recycling industry is projected to achieve a 15% revenue growth this fiscal year, as per CRISIL Ratings, rebounding after two years of decline. This growth is driven by an increased supply of ageing vessels due to global expansions in ship capacity, and India’s competitive advantage over Bangladesh and Pakistan. Lower freight rates will make older ships economically unviable, leading to more being decommissioned for recycling.
Indian recyclers, favoured for their efficiency, are expected to see a 20-23% increase in volume, with stable cash flows and healthy credit profiles supported by solid operational and financial foundations”, Best Oasis said. Mean.
