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GMS update on shipbreaking in Bangladesh in Week 10 - BOOKING BIG!

Steel News - Published on Tue, 12 Mar 2019

Image Source: SteelGuru
Every week, sales of large LDT dry units and containers are continuing at a rapid pace into Bangladesh, but for how much longer this will continue remains a serious cause for concern for those with the pulse on the industry. There is a progressively developing shortage of capable and open end Buyers and for this reason, we anticipate levels on the larger LDT vessels to start coming off in due course. As reported in the market commentary, the sale of Singapore based Berge Bulk’s VLOC, BERGE DENALI (38,310 LDT) at a massively high rate of USD 465/LT LDT is a curious one, despite the vessel having 950 Tons of bunkers (a nearly USD 10/LDT value) upon arrival.

Zim of Israel also sold their second Panamax container of 2019 as the ZIM HAIFA (20,500 LDT) fetched an extraordinary price of USD 475/LT LDT basis an ‘as is’ Singapore delivery, with sufficient bunkers for the voyage to Bangladesh included in the sale.

As Bangladesh continues to lead the pricing charts, the diminishing number of local Buyers will certainly present a growing problem for Cash Buyers who seem to be contrarily confident of a market resurgence in the near future and are clearly hedging their bets via the incredibly priced (for the current market sentiment) fixtures this week.

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Posted By : Rabi Wangkhem on Tue, 12 Mar 2019
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