India surpasses Bangladesh to become top ship recycler in 2022

Global ship recycling volumes drop around 50% y-o-y. LC a key issue stalling ship-breaking in Bangladesh. India, Pakistan, Bangladesh contributes over 90% of world ship recycling.

Morning Brief: India surpassed Bangladesh to become the largest ship dismantling market in 2022 in terms of tonnage. Bangladesh had been the leader in ship-breaking volumes over the last five years. India ended 2022 with a leading 1.20 million light displacement tonnage (LDT), 21% down y-o-y against 1.52 LDT in 2021.