GMS weekly report on BANGLADESH shipbreaking industry for WEEK 25 of 2011:

The inevitable slowdown finally began to take its toll in Bangladesh with no market sales registering for the second week n a row. It may be too late to conclude deals to arrive before the anticipated/expected closure of 7th July.

After the losses experienced during the closure around the anticipated {yet delayed) around early March, most cash buyers were unwilling to take a risk on vessels arriving after July 7th, especially since it remains uncertain how long the market may remain open or finally end up closed.

Levels continued to dip below USD 500/LT LDT on the dry front with tankers that have been gas freed for hot works receiving a significant premium (Bangladesh still remains a location in love with dirty trading wet tonnage).

With an anticipated closure on the horizon, it may be that levels improve ever so slightly before the next tide on any prompt units due to a desire by end buyers to beach vessels before the deadline. With a cancelling of at least 5th July needed, due to time needed for inward clearance procedures, only those vessels extremely close to Chittagong need apply!

Source: Steel Guru (Sourced from GMS Weekly). Tuesday, 28 June 2011 

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