The
Bangladeshi market proved to be the only bright spot in an otherwise gloomy
international ship-recycling sector as fresh impetus pushed prices onwards and
confidence returned to the buying and bidding in Chittagong.
With
India, Pakistan and China, all struggling due to capacities, currencies and
ailing steel prices - Bangladesh propped up as the only market with some
impressive busing - turning many heads in the process (for deals that may have
otherwise been focused into competing locations).
The
eye-catching deal of the week concerned Hosco's converted VLCC to VLOC, HEBEI
AMBITION (38,720 LDT) was committed for a remarkable USD 480/LT LDT. As always,
the ship was reported to be in excellent condition - that makes it SEVEN for
the year sold from the North China Shipping stable into the Bangladesh market.
Of
course, the question on everybody’s lips is how much longer can Bangladesh
sustain this sort of impressive showing? With many of the better end buyers
swiftly filling their yards, finance could once again become an issue, and the
focus will - as always - have to shift elsewhere.
Source:
Steel Guru (Source d from GMS Weekly). 28 April 2012
http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_16_2012/260461.html
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