18 April 2012

GMS weekly report on BANGLADESH shipbreaking industry for WEEK 15 of 2012:

The Bangladesh status as market leader remained unchanged for another week with several more deals concluded to add to a burgeoning inventory tor local buyers in recent weeks.

The renewed confidence that has entered the market comes off the back of a greater clarity in addressing the new delivery procedures and documentation coupled with the emergence of several more financially stable buyers.

Two handymax bulkers this week went for decent prices with the KS Maritime KS PHILIA (8,471 LDT) going for about USD 470/LT LDT and the Korean owned GREEX SKY (8,985 LDT) getting a rather speculative USD 480/LT LDT.

With business currently booming in the ship recycling sector in Chittagong, there is some concern over how much longer this can continue with the number of solvent buyers swiftly running out as ever more tonnage floods the market.

The number of beachings this week highlights the potential of available buyers drying up.

Source: Steel Guru (Sourced from GMS Weekly). 18 April 2012

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