A Quiet Week in Chattogram, Says GMS
As the Bangladeshi budget of June 1 starts to be digested in full, it has been a quieter week in Chattogram for ship recycling as local banks and recyclers evaluate the outcome to ensure no unexpected surprises emerge, before committing afresh on tonnage.
Thus far, none seem to be reported, says GMS, so it should be a busier time for sales and activity from next week. However, this time of year is typically quieter as monsoon season brings persistent rain that hinders recycling activities.
The supply of tonnage remains surprisingly scarce, and both India and Bangladesh have the potential to absorb incoming tonnage. Alang anchorage has had few arrivals as India continues to lose out on tonnage to the firmer Bangladeshi market. Bangladesh is starting to take on Hong Kong Convention tonnage at its three certified yards.
Pakistan remains out of the picture due to political and economic uncertainty. Ship recycling is unlikely to resume any time soon.
In Turkey, President Erdogan's victory sees him trying to contain inflation, and the recycling market remains steady.