Bangladesh frustration was China's gain this week as several decent sized units were concluded to local yards tor pre Chinese New Year deliveries, at levels up to and even beyond 400/LT LDT.
With many yards set to renew licenses and fulfill designated quotas within this year, the rush is on to stock up before the two week holidays commence in early February -something that has seen speculation push on to levels, in some cases even beyond what the Pakistani market has to offer
The one market sale for the week concerned that of the younger (built 1998 in South Korea) higher LDT woodchip carrier LARCH 1 (11,385 LDT), sold 'as is' under tow in China for a price region USD 390/LT LDT. The concerned yard in the North of China will actually employ their own tug to bring the vessel over from its current location near Shanghai.
Source: Steel Guru. 16 January 2013http://www.steelguru.com/chinese_news/GMS_report_on_Chinese_ship_breaking_industry_for_WEEK_02_2013/298307.html