25 July 2013

GMS weekly report on Bangladesh shipbreaking industry for WEEK 29 of 2013:

Despite a reversal in local steel plate prices this week - knocking about USD 10 to USD 15 /LT LDT off ship levels, Bangladesh buying continued (especially for those vessels fixed to discharge clinker in Chittagong).

The panamax bulker IRINI (9,988 LDT) fetched an impressive USD 407/LT LDT whilst the TBS controlled CANARSIS PRINCESS (7,655 LDT) saw a strong USD 420/LT LDT - with the 400 Tons of bunkers on board upon delivery contributing to the firm price.

Whilst a full on resurgence is not looking likely in the Bangladesh market as yet the signs that the right buyers are emerging at the right price is encouraging. The onset of Ramadan and an improving China market may see fewer deals developing over the coming weeks however.

Source: Steel Guru. 23 July 2013

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