Furthering its commitment to sustainable maritime operations, the Directorate General of Shipping has launched India’s first-ever ship recycling credit note program to capitalize on the country’s dominant position in the global vessel dismantling industry. Under this new framework, ship owners who dismantle their retired vessels at certified, environmentally sound facilities will receive a digital credit note worth 40% of the ship’s scrap value, which can be redeemed for up to 5% of the cost of building a new vessel at an Indian shipyard. The inaugural note of ₹29 crore was successfully granted to Bella Shipping Inc. for recycling its vessel at Alang, Gujarat, reinforcing India’s alignment with the safe recycling standards of the Hong Kong International Convention.