The global ship recycling market is under pressure from rising costs, steel prices, and energy shortages. Bangladesh and Pakistan currently offer better prices than India, where recyclers are struggling due to local demand issues. As geopolitical factors influence pricing, shipowners are increasingly exploring alternatives, complicating the market landscape.
The Dakshin Bharat Gateway Terminal (DBGT) in Tamil Nadu achieved a milestone by welcoming its first 100% transhipment vessel, MSC Krystal, on March 26. Handling 1,307 TEUs not linked to Indian ports, this event marks DBGT’s readiness to capture transhipment traffic and bolster India’s position in global shipping routes.
The Andhra Pradesh Maritime Board and Visakhapatnam Port Authority have signed a Memorandum of Understanding to create a special purpose vehicle (SPV) for a National Mega Shipbuilding Cluster in Dugarajapatnam. This initiative, backed by a ₹19,989 crore budget, aims to enhance shipbuilding, repair, and maritime infrastructure in the region.
Mitsui O.S.K. Lines, Ltd. (MOL) and Shipping Corporation of India Ltd. (SCI) have signed a memorandum to collaborate in the tugboat sector, enhancing India’s port operations and promoting eco-friendly maritime services. This partnership will leverage MOL’s expertise in safety and alternative fuel technologies to support India’s Green Tug Transition Program.
In a significant move to boost Oman’s maritime sector, Minister of Social Development, H E Dr Laila bint Ahmed al Najjar, has established the Oman Maritime Association. The decision aims to enhance collaboration, develop expertise, and promote sustainable growth within the industry, with a focus on increasing youth participation for long-term sector development.
