Small, medium shipbreakers face contraction in revenue: CRISIL SME Tracker

CRISIL Research expects the small and medium enterprises (SMEs) that account for 90-95 per cent of the shipbreaking industry in India to see revenue contract by a third in the current fiscal year, owing to weak capacity utilisation, low labour availability, and fewer ships being scrapped on account of the Covid-19 pandemic.
 
In the last fiscal year, Indian shipbreakers saw revenue decline amid growing competition from Bangladesh and a positive turn in global trade, which led to fewer ships being scrapped.
 
Shipbreaking volumes are expected to remain under pressure in the current fiscal year too, following the pandemic-induced