GMS weekly report on BANGLADESH shipbreaking industry for WEEK 34 of 2011:

• Cherry picking buyers:
• Pre-October buying?

Picky Weak:

With big volumes of large LDT vessels being delivered over the recent past mixed in with a rough monsoon, religious holidays and falling prices, Bangladesh buyers have remained in cherry picking mode since July 7. Even though there continue to be local deliveries and beachings, these fixtures have been secured by local buyers at reduced levels.

As such, ship owners and cash buyers alike, have been having a hard time at fixing fresh tonnage into the local market, on account of a severe dearth of eager buyers. Evidence of this situation is increasingly apparent as the Chittagong market endures yet another no-sale week.

However, as September rears it's head and the potentially imminent closure of the local market on October 12 lingers on the horizon, we do expect a short burst in purchasing activity as the last 2 tides pre October 12 closure come around.

NO market sales reported.

Source: GMS Weekly. 29 August 2011

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