Ship Recycling Market - Week 52 - HAPPY NEW CHEER!
Ship Recycling Market - Week 52 - HAPPY NEW CHEER!
As we close out another year, sub-continent markets remain suspended at their weakest point for some time now. Pricing remains firm (given the historical price average has been around USD 350/LDT or so), but sentiments and conditions on the ground across all locations remain somewhat precarious.
While Bangladesh has been the main proponent of such concern – given the ongoing financial crisis that has resulted in the Bangladeshi government restricting the sanctioning of new Letters of Credit (L/Cs) for even the smallest purchases of USD 1 million and below – this week, the Pakistani government threw its hat in the ring as well, restricting a bevy of L/Cs being sanctioned on recent local purchases.
Only very few Bangladeshi buyers with private financing and Usance L/Cs are able to acquire new units, but even so, many end users seem content to take a break and watch market developments before committing afresh, with prices so uncertain.
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