17 November 2011

GMS weekly report on BANGLADESH shipbreaking industry for WEEK 45 of 2011:

Ø    Delays inevitable
Ø    Market not expected to open strong

Case Not Heard!

As expected, the court hearing for the market extension failed to take place on November 13th. A total of 27 cases were heard on the Sunday, with the recycling case being number 35 on the list.

At the time of writing (and as anticipated) that the hearing would take place either on the Monday or Thursday of this week (when the court sits to hear cases). Failing which, the next scheduled date for the hearing would be Sunday, November 20th.

Of course, just because the case is heard does not mean the order will be passed to extend recycling activities in Chittagong. In fact, it could take as long as 2 more weeks with the judge still having to sign and enforce the order before it would be business as usual for the local yards.

With prices across the sub continent slipping, the market is not expected to open on a positive and aggressive note as many yards remain full and the local steel plate prices have fallen since the last round of buying.

NO Market Sales Reported

Source: Hellenic Shipping News (Sourced from GMS Weekly). 16 November 2011

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