The focus shifted firmly from the ship-recycling sector to the political arena with upheaval across the country bringing activity in Chittagong to a virtual standstill.
Amidst reports of 16 (and perhaps higher) dead after violent clashes between protestors and the local police, working hours have been severely affected as strikes from the opposition party have been called for several days on end. Activists have responded to the death sentence of an Islamist leader (Delwar Hossain Sayeedi) for crimes dating back to the war of Independence in 1971.
This is hampering banking efforts and deflecting interest from the buying of new vessels. Whether deliveries are delayed due to the slowdown in opening / releasing LCs remains to be seen.
At a time when bulkers are well below the USD 390/Ton level, ne confirmed sale from Mondav saw the Korean owned clinker carrier SB QUEEN (8,094 LDT) sold for a firm USD 418.50/LT LDT to one ambitious buyer.
Source: steelguru. 5 March 2013