16 July 2014

GMS weekly report on Bangladesh ship breaking industry for WEEK 28 of 2014:

As their sub continent competitors improved pricing once again, the Bangladeshi market was categorically left trailing with many vessels even proceeding from the East to both Indian and Pakistani markets, in order to enjoy the premiums on offer there.

The monsoon rains have not helped, either leaving much of Chittagong flooded. But the virtually non-existent demand has seen local buyers miss out on a number of juicy vessels of late including capesize bulkers and VLCCs.

Finance also remains an issue with certain local byers struggling to get their LCs in order, for the purchase of new vessels. Many cash buyers are therefore treating Bangladesh with plenty of caution at present and are favoring competing sub continent markets as a result for their existing inventories.

Source: steel guru. 15 July 2014

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