The result of the hearing on 14th December this week brought back mixed results. Whilst there were several errors in the ship recycling code submitted to the High Court and the BSBA were required to re-submit the corrected version on January 12th next, lawyers were looking into the possibilities of importing vessels WHILST those corrections are being made.
Suggestions this week that the market is once again open are wide of the mark more will be known next week once cash buyers start testing the rules. The judge of course still has to sign the extension something that has taken months in the past and until that is done, all concerned must wait a little longer.
It must be stressed though that NO vessels have yet been issued NOC to beach and as yet, no new vessels have been committed as many end buyers remain reluctant and somewhat nervous to buy new units until the rules are ratified and the gates are officially opened.
Source: Steel Guru (Sourced from GMS Weekly). 20 December 2011http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_50/241842.html