Bangladeshi capacity began to be felt towards the end of last week as interest to buy started to slightly diminish and a lack of solvent, good end buyers started to tell.
Nevertheless, several market sales were concluded this week, with the Chinese owned bulker BOUXSITE STAR (10,958 LDT) sold for a very firm USD 390/LT LDT 'as is' Singapore with about 700 T bunkers on board at the time of delivery. Owing to her geographic location and price, the logical destination for this one should be Chittagong.
The other sale saw the bulker SPRING BREEZE I (7,414 LDT) go for an extraordinary USD 425/LT LDT - surely a case of unfounded cash buyer speculation despite the bunkers on board and full spares that the vessel carried.
Notwithstanding, a distinct cherry-picking sentiment appears to have crept into the market as smaller / select tonnage has been failing to see any sensible interest developing locally.
Source: Steel Guru. 8 August 2012http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_31_2012/277394.html