GMS weekly report on BANGLADESH shipbreaking industry for WEEK 36 0f 2011:

• Market failing to ignite
• Cash buyer demands – some way apart from end buyer ideas

The Great Divide:

With the market over this particular extension so far failing to ignite, concerns began to abound amongst cash buyers who had purchased vessels at speculative levels and had hoped to see the market rise to reach/match those expectations.

Indeed, the numbers filtering through to those available candidates was not enough to secure any prominent market sales and there seemed to be a certain sense of indifference locally to that lack of business.

This remains especially surprising given the impending closure on October 12th. Therefore, with local expectations in no way living up to cash buyer demands, tonnage continues to arrive in Chittagong without an end buyer lined up risky business, especially if levels do not rise to an acceptable level to force through an onward sale.

No Market Sales Reported for Bangladesh.

Source: GMS Weekly. 12 September 2011

http://download.hellenicshippingnews.com/pdf/September%2009,%202011.pdf