GMS weekly report on BANGLADESH shipbreaking industry for WEEK 29 of 2011:

Following the much-anticipated news that the Bangladesh extension had been established until October 12th meaning the continuation of deliveries and beachings onto local beaches - the market was dealt a blow on Sunday as the Supreme Court retracted the approval the file from the High Court on Sunday July 24.

The Bangladeshi Environmental Lawyers Association had previously lodged an appeal to the extension, which will now be reviewed in the Supreme Court on July 28.

The Bangladeshi Shipbreakers Association and other senior lawyers are scheduled to be in attendance at the hearing to ensure the original decision is upheld, but this may mean MORE delays in a market that has become accustomed to them of late.

Nevertheless, most cash buyers resumed their buying for Chittagong and several sales of note registered - including the HOSCO controlled HEBEI MERCY (16,938 LDT) which went for strong levels for a guaranteed Bangladesh delivery.

Source: Steel Guru (Sourced from GMS Weekly). 26 July 2011

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