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Domestic ship-breaking sector s revenue to grow by 10% this fiscal: Crisil
According to the report, a plunge in global trade due to the COVID-19 pandemic weighed on sea freight, hurting viability of shippers and making more vessels available for dismantling at cheaper rates
PTI | March 15, 2021 | Updated 16:13 IST
The domestic ship-breaking industry s revenue is expected to see a 10 per cent year-on-year increase this fiscal due to improved availability of condemned vessels and higher rates for steel scrap, ratings agency Crisil said on Monday.
Further, with India enacting the Recycling of Ships Act, 2019, and joining the Hong Kong International Convention (HKC), which sets the standards for ship recycling the move has bolstered the country s leadership position globally, it said. ....

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