The political situation worsened further this week in Bangladesh, with strikes and blockades (instigated by the opposition party) bringing the country to a virtual standstill.
This has impacted negatively on the ship recycling scene with most end buyers pre occupied with their safety and who the next ruling party might be, rather than stocking up on new units.
A canny few however, had started to acquire vessels in the hope that commodity prices (steel in particular) would improve significantly, as tends to be the case, during times of crisis.
The one market sale for the week concerned the smaller container vessel STX SINGAPORE (6,663 LDT) from STX Korea (under the watchful eyes of the banks) for USD 375/LT LDT (‘as is’ Singapore with min bunkers remaining on board). The vessel may yet turn out to be an India or even China (if rates improve locally) candidate, depending on the best options open to the cash buyer upon delivery.
Source: steel guru. 10 December 2013