Ship Recycling Market - Week 45 - SHUTDOWN!
Ship Recycling Market - Week 45 - SHUTDOWN!
The decline of the sub-continent markets came into stark view once again this week, with even vintage tonnage being returned to trading lanes, such is the ineptitude and reluctance of collective sub-continent recyclers to commit on the paucity of any available units, at anywhere near sensible numbers.
Reliability and workable L/Cs remain a key concern for Cash Buyers and Ship Owners alike, with Bangladesh all but limiting new arrivals as the Central State bank refuses to sanction any fresh financing for ship recycling endeavors.
Reportedly, only essentials (such as food, fuel, and fertilizers) are able to procure Central State bank approval in Bangladesh, especially for the valuable reserves of U.S. Dollars that are budgeted for domestic expenses. This means that only a small number of Bangladeshi Buyers who have access to private funds are able to secure vessels for recycling at the moment.
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