Lloyd’s Register has teamed up with COSCO Shipping Group, Shanghai Jiao Tong University, and the University of Southampton to launch the International Maritime Future Technologies Innovation Centre. This virtual platform aims to advance zero-carbon maritime technologies and intelligent ship systems, facilitating global collaboration to convert research into scalable, practical solutions for the industry.
In October, the Baltic Exchange’s Dry Index declined, signaling a slowdown in ship recycling in the Indian subcontinent, particularly India. Despite low prices, Alang saw unexpected ship arrivals. However, high transit tonnage compared to recycled volumes suggests a potential influx of vessels, contributing to a sluggish fourth quarter for the industry.
The Tripartite Forum recently convened in Busan, South Korea, with over 70 delegates from 13 nations reaffirming support for the International Maritime Organization (IMO) as the key global shipping regulator. This follows delays in implementing a crucial carbon pricing system due to geopolitical tensions among member states, affecting sustainability timelines.
The Indian government has launched a ₹70,000 crore initiative to revitalize its shipping sector, as announced by Shipping Minister Sarbananda Sonowal. Drawing inspiration from Korea and Japan, the plan aims to enhance domestic shipbuilding and create a robust maritime hub, fostering innovation and infrastructure to ensure sustainable growth and job creation.
Alang, Gujarat, one of the world’s largest ship-breaking yards, is experiencing a modest recovery with a 13% increase in ship arrivals from April to August 2025. This year, 44 vessels were beached for dismantling, up from 39 last year. Despite ongoing challenges, government support is aiding the struggling industry.
Leaders in the maritime industry recently gathered at SMW 2025 to discuss the challenges and opportunities in the sector. Jeremy Nixon highlighted political processes and security issues affecting container trade, while Zahid Osman emphasized the impact of conflict on global trade. James Marshall shared optimism about market recovery and the industry’s strategies for decarbonization.
The cruise industry is staging a strong comeback post-pandemic, with Carnival Corporation reporting record revenues in December 2024. CEO Josh Weinstein noted a $700 million revenue increase over initial projections. As demand rises, major players like Royal Caribbean and Disney Cruise Line invest in new LNG-powered vessels to enhance fleet capabilities and sustainability.
India’s shipbuilding industry is poised for growth, attracting interest from major economies like Japan and South Korea. The Ministry of Ports, Shipping, and Waterways aims to elevate India’s global ranking to the top 10 by 2030 and top five by 2047 through collaborations and investments. Historical roots in shipbuilding and positive growth projections highlight India’s potential in the global market.
