16 September 2014

GMS weekly report on Bangladesh ship breaking industry for WEEK 37 of 2014:

Buyers are slowly but surely following up those initial enquiries with increasingly firm offers in Bangladesh, as cash buyers continue to unload vessels from their existing inventories at impressive numbers that seemed mere fantasy only two weeks ago.

Of course, Chittagong buyers still have to compete with the buoyant levels available in Pakistan and for that reason, they have lost several juicy, larger LDT vessels of late, but a veritable lack of tonnage at local yards has seen some renewed hunger to acquire.

Part of the problem post Eid holidays has been that end buyers were unable to shift the stockpiles of ships steel from their plots and were hence hesitant to buy further units at highly competitive rates.

However, this stance appears to have shifted recently as evident from the sale of Chinese owned handysize bulker LUCKY EVER (5,548 LDT) in what appears to be a certain Bangladesh deal once the cash buyer has taken her over ‘as is’ in Singapore.

Source: steel guru. 16 September 2014

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