GMS weekly report on BANGLADESH shipbreaking industry for WEEK 24 of 2011:

Bangladesh's VORACIOUS appetite over the last couple of months has resulted in a compression of local demand that has been damaging to say the least. 

Not only is demand taking a beating, but last week's budget announcement of import taxes resulted in prices for ships rolling back by about USD 10 per tonne.

As a result, the bidding tables remained virtually empty and the local market experienced a "no sale" week.

The near future for Bangladesh does not appear entirely too rosy either. With lack of interest for present offerings and a potential closure coming up on July 7th, it would be interesting to see if demand would pick up for deliveries for the last tide before July 7th.

Source: Steel Guru (Sourced from GMS Weekly). Wednesday, 22 June 2011

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_24/210850.html