GMS weekly report on Bangladesh shipbreaking industry for WEEK 13 of 2011:

As the days passed and tiresome excuses seeped through to the anxious majority waiting to deliver, beach and finish off the sagas of several vessels that have been waiting over time to meet their fates, many in Bangladesh began to lose their faith that any positive outcome would be forthcoming in the short term.

Of course, there is always lingering hope as there was over the course of the week with abundant promises of 'tomorrow, tomorrow' - but little is ever resolved (as it has been now for a year) and any hope that remains must surely be fragile amidst the constant dialogue.

Nevertheless, vessels wait and all those who have taken a punt on the market reopening are bleeding. There is an argument to suggest we would not be in this situation if it were not for the 'declaration' that the market would be reopening nobody could have predicted the delaying tactics of the judge who should have signed the order on the very day it was announced.

As it is, two tides have already been missed and there is no telling how much longer vessels waiting to deliver will be holding out. With the markets in both India and Pakistan as they are, now may be the time to cut losses (as certain cash buyers have already done) and divert a burgeoning inventory to a market where at least delivery and prompt payment is guaranteed.

Source: SteelGuru. (Sourced from GMS Weekly). Tuesday, 05 Apr 2011

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_13/198888.html