Despite the huge number of vessels that have been imported into Bangladesh over the recent past, the industry remained on its toes to pick up well-priced vessels. The idea for many buyers is to try and even out the high priced purchases, in and around USD 500/LT LDT made earlier in the year, at more current/reasonable levels.
With these new levels seemingly set to stay for the immediate future and no slowdown in the number of candidates on the market, it has remained a busy period for Chittagong buyers, especially in light of the continued Indian intransigence to buy.
Having said that, whilst vessels continue to arrive and beach at pace, there has been a discemable slowdown in the volume of deals done, especially since many buyers already have yards full and those that are open to buy, often do not have the required finance mechanisms in place.
As a result, we continue to see delays at the time of physical delivery at the waterfront and Sellers and Cash Buyers alike are pushing to get their.
Source: steel guru. 11 July 2012http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_27_2012/272807.html