03 August 2011

GMS weekly report on BANGLADESH shipbreaking industry for WEEK 30 of 2011:

With the market still closed until the extension order can be officially re-evaluated and signed by the Supreme Court judge, it was yet another week of frustration for Bangladeshi buyers as they saw their Indian counterparts secure many vessels that would ordinarily have been Chittagong candidates.

The new date for the hearing (which many expect to be a formality) and signing is on the August 7th but as usual, it is not worth relying on any quick decisions in a country where signing a simple piece of paper can take over a month.

Nevertheless, ambitious Cash Buyers continue to speculate on Bangladesh and many in the industry are still hopeful of beaching their tonnage over the mid August tide 14 to17th. The market continues to be a lottery, but for those who play it right, could reap the rewards!!

Source: Steel Guru (Sourced from GMS Weekly) Wednesday, 03 Aug 2011

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