Ship Breaking Market share will expand till 2025 |
Ship breaking is the process of dismantling decommissioned ships and similar vessels to extract scrap metal and demolish the huge ship structure. It is also known as ship demolition, ship cracking, or even ship recycling, at times. Global trade and shipping has consistently increased over the past years due to globalization and industrialization, which has led to substantial rise in ship building. However, the average life of a ship is quoted to be around 25 to 30 years. Post this age, the ship needs to be decommissioned for safety and economic concerns, may be sometimes due to accidents and mishaps of the ship. The process of decommissioning is usually followed by an auction of the ship, after which it is moved to the breaking yards to break it down. The breakdown is labor intensive, and the time required for breaking the ship down varies according to the size and type of vessel.
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An ageing ship fleet, especially small (less than 500 GT) and medium (500 to 25,000 GT) sized ships, is the key market driver of the ship breaking market. There are other alternatives to ship disposal, i.e. to deliberately sink it (and convert it into a coral reef) or to convert it into a museum; however, every alternative has severe drawbacks. The deliberate sinking method calls for exhaustive cleaning process and removal of all toxic materials that make up the ship, such as heavy metals, batteries....