GMS Market Commentary on Shipbreaking in Bangladesh in Week 46

Release time：Nov 22, 2019 From：admin

he turnover from a previously beleaguered Bangladeshi market was the most eye-opening this week, with End Buyers seemingly reluctant to obey guidelines from the BSBA and offer prices in the region of USD 350/LT LDT, especially after the sharp declines observed on steel plate prices over the last few weeks. As a result, several market sales came to light and Bangladesh now appears to be filling up with tonnage at increasing numbers once again albeit with smaller / mid range LDT units that banks are more comfortable opening L/Cs on. It is however, worth issuing some caution as this market had recently turned rather swiftly and given this week’s performance, there is the danger that Bangladesh will start to fill up and subsequently become over-saturated once again, especially in light of the increased supply of tonnage that is now being introduced for sale.

Finally, on the sales front, the 1983 built China Meratus owned container vessel MARINA STAR I (5,473 LDT) managed to fetch a rather healthy USD 345/LT LDT (given her size), basis an ‘as is’ Singapore delivery, with about 150 Tons of bunkers ROB at the time of delivery.