16 October 2012

GMS report on Bangladesh shipbreaking industry for WEEK 41 of 2012:

All of this sitting by and watching whilst their Pakistan and Indian competitors continue to roar ahead in terms of price and vessels secured, has seen one or two more tentative enquiries emerge from the Bangladeshi market this week.

While the levels have been largely disappointing - with bulkers still trading well below USD 400/LT LDT - this may be the first encouraging sign to emerge from the Chittagong market.

One smaller bulker, the ATLANTIC EXPRESS (6,508 LDT) was committed for a lowly LISD 385/LT LDT, in the clearest sign yet that willing owners - particularly if discharging in the area - will accept market realities.

The scrap steel price remains underwhelming however and as long as yards stay as stuffed as they presently are, any recovery of sorts will remain on immediate hold.

Source: Steel Guru. 16 October 2012

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