01 November 2011

GMS weekly report on BANGLADESH shipbreaking industry for WEEK 43 of 2011:

  • Hearing not heard
  • Months of uncertainty ahead
Date Undecided:

The anticipated court hearing for the market extension failed to take place this week, and with Bangladesh off for the next 2 weeks to celebrate Eid, there has been no tentative date set for the court to sit once again.

That should be ample time then for the relevant parties concerned to look fully into the fatal accident that occurred in one of the yards two weeks ago. A report has to be submitted to the BSBA who will then judge what changes need to be made, in order to prevent similar events from occurring again in the future.

Subsequently, it is expected that the market will more titan likely be out of action once again, for the whole of November and possibly part of December as well.

As usual, getting the court to even sit and review the case (let alone sign the extension) is half the problem, and with the hearing date yet to even be set at this time, the worst fears of many a cash buyer are being confirmed.

NO Market Sales Reported

Source: Steel Guru (Sourced from GMS Weekly). 1 November 2011

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