As Bangladesh looked on in bewilderment at the events in India, the local Chittagong recycling market was not without problems of its own (quite aside from the wider political / natural issues in the country of late). Shaky steel prices and an uncertain budget on the horizon left enquiries on new tonnage few and far between.
Yet, with a dearth of new vessels on the horizon due to onward sales on prime candidates taking place into Pakistan or WC India and despite the perilous state of the Chinese market it seems that there could be a rise in demand in the coming months post 6th Time budget.
Last week, it was reported that the HMM VLCC UNIVERSAL HOPE (40,970 LDT) had been committed for recycling. It has since emerged that the vessel is still under negotiation, perhaps to a trading / storage buyer. We regret any inconvenience this may have caused.
Source: steel guru. 4 June 2013http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_22/314139.html