As local steel plate prices showed some marginal gains over the course of the week, there seemed to be a growing number of buyers in Bangladesh willing to dip into the market with otters to acquire at the existing (lower) levels.
Such opportunism saw two reefers picked up, despite the huge problems that said type of vessel has recently been encountering at the time of physical delivery. Majority of which have been centered around the vessel's insulation / permanent ballast / cement onboard and GROSS and NETT LDTs.
The FRIO HAMBURG (3,230 LDT) and ANTARCTIC STAR (3,820 LDT) from the Laskarides group fetched a price of about USD 330/LT LDT basis gross LDT.
Meanwhile, due to torrential rainfall this week in Chittagong, cutting has slowed down, which has resulted in the increase of local steel plate prices. As such, despite many yards being relatively well stocked at this time, most end buyers that are on the lookout for new tonnage are pursuing the same at the currently diminished levels, in order to average out the high priced purchases of previous months.
Source: steel guru. 5 July 2012http://www.steelguru.com/indian_news/GMS_report_on_Bangladesh_ship_breaking_industry_for_WEEK_26_2012/271847.html