13 July 2013

GMS weekly report on Bangladesh shipbreaking industry for WEEK 28 of 2013:

Signs of life began to emerge this week in the Bangladeshi market, with further enquiries emerging, and a greater willingness to offer on market tonnage.
For the most part, vessels have been bypassing Bangladesh altogether of late and heading to Pakistani shores (especially on the large LDT tonnage). With levels in Pakistan surprisingly muted following an overall positive budget, it may be that we see a momentum shift back to Chittagong after their period on the sidelines.
Indeed, one of the most eve opening deals in recent times was committed to Bangladesh buyers this week as the full spares bulker AYA (6,900 LDT) was committed to one keen cash buyer at USD 429/LT LDT.
Other than being full-spare (bronze working propeller + bronze spare propeller) having a good trading history, and this owners vessels being relatively well maintained, it is not clear why she would fetch such a high price - or if the concerned Cash Buyer was simply hedging his bets on a market improvement in the coming month.
Source: steel guru. 11 July 2013

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