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GMS Market Commentary on Shipbreaking in Bangladesh in Week06 - HOLDING UP!

Steel News - Published on Tue, 12 Feb 2019

Image Source: SteelGuru
Some high-priced buying has continued in Bangladesh this week, but for how much longer can this sustain, with local port reports clearly packed and Buyers, who are capable of opening L/Cs and promptly beaching vessels, are rapidly running out?

Whilst there are certainly some signs pointing to the present, with fewer market vessels being pushed / concluded locally, there was at least 1 sale confirmed this week at an eye popping number.

ZIM VIRGINIA (about 19,500 LDT) was concluded at an impressive USD 466/LDT basis an “as is” Singapore delivery and sufficient bunkers up to Bangladesh included in the sale.

The figure certainly seems speculative by the concerned Buyer. However, given that the number of viable tankers (VLCCs, suezmax and aframax) has drastically declined of late and Capes and Panamax sized containers start to take center stage as the tonnage of choice, it will be interesting to eventually see the resale outcomes of some of these high priced deals.

In other news, the Bangladeshi government has just decreed that the name of Chittagong be officially changed to Chattogram. As such, local port positions will reflect the same moving forward.

Source :

Posted By : Rabi Wangkhem on Tue, 12 Feb 2019
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