The onset of Ramadan has coincided with a much more muted period of activity, both in terms of levels being offered and local demand to acquire new tonnage.
Consequently, it may be a quieter overall month in Bangladesh as many in the industry venture off on summer holidays, resulting in a slowing of supply.
Chittagong levels however, have failed to impress of late and those vessels that are available are sidestepping the Bangladeshi market to deliver elsewhere such has been the case with the Chinese controlled panamax bulker XING PENG DA (10,989 LDT) which was discharging clinker in Chittagong, only to be eventually resold into India.
Source: steel guru. 1 July 2014