As Bangladesh had to deal with yet another disaster natural this time rather than manmade attentions shifted away from the ship recycling sector and the acquisition of new vessels.
After the recent catastrophic factory collapse and riots, protests and strikes that have gripped the country, tropical cyclone Mahasen, which swept through the country mid week to leave scores dead, was another disaster to rock Bangladesh.
Overall, the ship recycling sector has remained fairly subdued for some time now, with sporadic buying at overall lower levels, proving no competition for rival Indian and Pakistani buyers.
With the upcoming budget just around the corner and monsoon season also imminent, sentiment and price may only get worse before they get better.
The smaller bulker SILVER WAVE from Greek owners was committed this week for USD 410 per LT LDT.
Source: steel guru. 22 May 2013http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_20/312816.html