As perhaps the only market moving at present in the sub continent, it was surprising to see no market sales concluded into Bangladesh this week.
The truth is that several cash buyer vessels remain unsold and facing problems outside Bangladesh these may be the first vessels sold before new inventory can be considered.
The Chinese owned bulkers Glorysun, Ocean Lovely and Safe Rise have all been waiting outside Chittagong with other cash buyers for 2 months now without any sign of an onward sale/beaching schedule and in the case of Safe Rise a rumored L'SD 100 per liter LDT renegotiation having taken place.
For this reason owners need to consider doing business with only tried and tested market players in Bangladesh as Chittagong can be an unforgiving market in the wrong hands.
Source: Steel Guru. 15 November 2012http://www.steelguru.com/indian_news/GMS_report_on_Bangladesh_ship_breaking_industry_for_WEEK_45_2012/291638.html