25 January 2014

GMS weekly report on Bangladesh shipbreaking industry for WEEK 03 of 2014:

With some encouraging gains on the steel prices (at least USD 12/LT LDT) this week the Bangladeshi buyers found themselves keen to compete with a bullish Indian sub continent market especially on units coming from the East.
Some improving demand and numbers therefore emanated from the shorefront as the political situation thankfully and mercifully appears to have settled down in the country post-elections.
A dearth of favored large capsize bulkers and VLCCs and suezmax tankers has seen end buyers adapt displaying an ability to offer on all types of smaller sized units and containers (something that Pakistani buyers have been unable to do).
The one market sale for the week concerned the undertow bulker FORTUNE CLOUD (7,423 LDT), sold ‘as is where is’ for a firm USD 415 per LT LDT with 200 T bunkers ROB. The vessel had been involved in a collision locally and had suffered some damages including ingress of water into some of the cargo holds.
Source: steel guru. 25 January 2014

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