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Tuesday, March 19, 2024
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Bangladesh News

18 Mar 2024

Bangladesh and Pakistan Ship Recycling Markets Remain Steady

Source: GMS

With the conclusion of week 11, the ongoing and seemingly endless dearth in the supply of viable candidates has been mercifully keeping the Bangladeshi and Pakistani ship recycling markets steady, reports cash buyer GMS.ā€œOn the other hand, the Turkish and Indian markets continue to endure their respective shares of a notably trying time, given that the Turkish Lira continues to plummet even amidst a mercifully quieter week (on account of Ramadan).ā€GMS says: ā€œIndia continues to endure its share of nerve-racking volatility in local steel plate prices as well as the Indian Rupeeā€¦

17 Mar 2024

Esgian Week 11 Report: New Discoveries in UK and Namibia

Source: COSL

Esgian reports that drilling contracts have been announced this week for operations in Brazil and the Philippines, and new discoveries have been confirmed in the UK and Namibia in its Week 11 Rig Analytics Market Roundup.ContractsCOSL Drilling has emerged as the winner for Petrobras' moored semisubmersible tender with the 4,600-ft Nanhai 8 (also known as Nan Hai Ba Hao).Noble has secured a high-dayrate drillship contract with Prime Energy in the Philippines.Drilling Activity andā€¦

17 Mar 2024

Indian Navy Seizes Ship from Somali Pirates and Rescues 17 Crew

(Photo: Indian Navy)

Indian naval forces including special commandos seized a cargo vessel that had been hijacked by Somali pirates, rescuing 17 crew members, a spokesperson for the navy said on Saturday.The navy said in a post on social media platform X that all 35 pirates aboard the ship, the Maltese-flagged bulk cargo vessel Ruen, had surrendered, and the ship had been checked for the presence of illegal arms, ammunition and contraband.The Ruen had been hijacked last year and the navy said it hadā€¦

14 Mar 2024

Hijacked Ship May Have Been Used in Attack near Somalia

Source: EUNAVFOR

Somali pirates who seized the Maltese-flagged bulk cargo ship Ruen in December may have used the vessel in the takeover of a Bangladesh-flagged cargo ship off the coast of Somalia two days ago, the European Union naval force said on Thursday.Somali pirates caused chaos in important global waterways for a decade leading up to 2018, but had been dormant until a resurgence of attacks starting late last year.If confirmed, Tuesday's attack from a confiscated ship would mark a returnā€¦

12 Mar 2024

Armed Pirates Board Cargo Ship Off Somalia

Ā© Venera / Adobe Stock

Twenty armed people have boarded a cargo ship off the coast of Somalia and have taken control of it, a maritime security firm said on Tuesday.The vessel is the latest to be targeted following a resurgence of attacks by Somali pirates in recent months although the maritime security firm, Ambrey, did not specify that it was Somali pirates who boarded the ship.Ambrey said the ship was a Bangladesh-flagged bulk carrier - a type of merchant ship used to transport large amounts of cargoā€¦

10 Mar 2024

Sleepy Week for Ship Recyclers

Source: GMS

Even though the Indian sub-continent ship recycling markets have taken on a collection of smaller vessels of late, the week remains ā€œsleepyā€ says cash buyer GMS.Virtually no deals have been concluded, and this has put the squeeze on the global ship recycling sector.ā€œDry bulk charter rates have been pushing on by the week as ship owners monetize the most from this sector. Containers and tankers too remain oddly off the recycling buffet, and this in turn is driving the ongoing dearth of viable candidates into overdriveā€¦

03 Mar 2024

Recycling Market Still Deprived of Tonnage

Source: GMS

As freight markets push further on, global ship recycling markets remain deprived of tonnage, making it an increasingly suffocating environment for ship recyclers to operate in, reports cash buyer GMS.Bangladesh and Pakistan rely heavily on imported shipā€™s steel, not only for domestic / large-scale infrastructure projects, but also for its comparatively ā€˜healthierā€™ and ā€˜rust-freeā€™ condition than other forms of imported scrap metal / steel (HMS 1, HMS 2, shredded steel, etc.)Thereforeā€¦

25 Feb 2024

Ship Recycling Market Faces Tonnage Shortage

Source: GMS

Global ship recycling markets are now being exclusively driven by the relentless and futile shortage of tonnage that is expected to continue until Spring (at the very least), says cash buyer GMS.ā€œThe much-anticipated rebound in global recycling volumes that so many in our industry had been waiting (hoping) for before the turn of the year, has unfortunately failed to materialize.ā€Markets in Turkey and India remain well off the competitive pace, so Pakistan and Bangladesh remain are leading the market despite the continued drop in supply of vessels.

18 Feb 2024

GMS: Ship Recycling Market Still Slow

Source: GMS

Despite Chinese new year holidays concluding on Friday, a pervading theme of an unrelenting dearth in the overall availability of tonnage across global ship recycling markets has been enduring for several quarters now, says cash buyer, GMS.This has resulted in another dreary week of market inactivity and silence across all recycling destinations.Charter rates continue to remain artificially elevated (especially) in the dry bulk sector, consequently placing a tighter squeeze on the overall supply of vessels for recycling.

15 Feb 2024

Call for IMO to Resolve Inconsistencies in Ship Recycling Conventions

Ā© saintmichel85 / Adobe Stock

BIMCO, Bangladesh, India, Norway, Pakistan and the ICS have submitted a paper ahead of the 81st Marine Environment Protection Committee (MEPC) meeting on March 18-22 that highlights the need to resolve possible conflicts between the Hong Kong Convention and the Basel Convention.The Hong Kong Convention will enter into force on June 26, 2025, and the co-signatories of the paper ask for clarification and assurance that shipowners and parties operating in compliance with the Hongā€¦

21 Jan 2024

Ship Recycling: Few Sales Confirmed

Source: GMS

In its Week 3 market report, cash buyer GMS says that even as vessel prices have improved from the lows seen towards the end of 2023 and plate prices made a massive jump in Bangladesh over the last couple of weeks, only a trickle of sales have been confirmed into the recycling markets in 2024 thus far.ā€œThere also seems a reluctance from ship owners to bite at current offers in the low USD 500s/LDT, having seen levels around USD 100/LDT higher only a couple of quarters ago. Mercifullyā€¦

07 Jan 2024

Signs of Recovery for Ship Recyclers in 2024

Source: GMS

After what has been an overall miserable 2023 in the ship-recycling industry and even worse six-month tail end, 2024 seems to be off with just a little more hope and a chance at recovery as positive signs seem to permeate through the markets, says cash buyer GMS.Critical factors such as declining currency values (except in India), flatlining / declining local steel plate prices, and the dreadful (and ongoing) lack of funding on fresh acquisitions (in Bangladesh and Pakistan), all came together over the course of the summer / monsoon months of 2023.

30 Dec 2023

Mixed Feelings in Ship Recycling Market

Source: GMS

Cash buyer GMS reports that the international ship recycling community is finishing the year with mixed feelings.ā€œOn the one hand, we have seen comparatively more deals concluded in 2023 than we did in 2022, with 2022 being the weakest of years over the last decade (in terms of the volume of vessels recycled in a single year).

11 Dec 2023

Ship Recycling Market Remains Slumped

Source: GMS

The lackluster end to the year in subcontinent recycling markets continues for another week as disappointed owners and cash buyers face selling their inventory into markets where prices have slumped, reports cash buyer GMS.Several dry bulk sales were below USD 500/LT LDT into India in the lowest confirmed deals for several months.Steel prices have declined in India by almost 10% in a shock to many, particularly as international steel prices have pushed on to an impressive extent over the last month.

08 Dec 2023

Bangladesh Puts to use China-built Crude Oil Offloading Facility

Copyright andriano_cz/AdobeStock

Bangladesh started in recent days a large crude oil receiving and offloading facility built by China that allows the south Asian oil importer to significantly reduce the cost of shipping in crude oil.The single-point mooring facility at Chattogram port last Sunday offloaded 82,000 tons (about 600,000 barrels) of crude oil from a 100,000-ton tanker, said an official with state-run Bangladesh Petroleum Corp (BPC).The project is majority-funded by the Chinese government and build by a unit of Chinese state oil major CNPC, said the BPC official who declined to be named as he's not authorized to sp

05 Dec 2023

Ship Recycling Markets Continue to Struggle

Source: GMS

Ship recycling markets continue to struggle going into the final weeks of the year, reports cash buyer GMS. There has been very little activity or new sales to report, with most end users abstaining from buying and rather wishing to wait and watch developments.Contrary to many expectations, India has lost around 3,000 rupees ($35/LDT) from steel prices.Pakistan was buoyed by the news that their country will sign up to the Hong Kong Convention ā€“ which will enter into force from 2025ā€¦

04 Dec 2023

Pakistan Becomes Party to Hong Kong Convention

Source: IMO

Pakistan has become a Party to the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 (Hong Kong Convention).Vice Admiral (Retd.) Iftikhar Ahmad Rao, Maritime Minister and Special Assistant to the Prime Minister (SAPM) on Maritime Affairs, Pakistan, deposited the instrument of accession with IMO Secretary-General Kitack Lim at IMO Headquarters in London on November 30.The deposit follows an IMO-run national seminar in Karachi toā€¦

28 Nov 2023

Ship Recycling Prices Remain Low

Source: GMS

Subcontinent ship recycling pricing and sentiments remain stranded in the low 500s/LDT and for certain units even below, says cash buyer GMS.ā€œWe meander aimlessly towards the end of the year with very little serious and enticing levels to induce either owners or cash buyers to sell.ā€Available financing remains a big issue in both the Pakistan and Bangladesh markets, and there are only very tentative offers emanating as a result, on mostly smaller LDT vessels.ā€œContainer and dry bulk markets continue to provide the still fairly limited supply of vessels for recycling, and one sale from each sect

28 Nov 2023

EU Agreement Paves Way for Non-OECD Recycling Yards

A number of non-OECD recycling yards, such as Shree Ram in Alang, India, have been vying for inclusion on the EU list after upgrading their facilities to comply with the Hong Kong Convention. Photo: Shree Ram Group

A new EU agreement on waste shipments is set to remove a legal roadblock to make it possible for a raft of non-OECD ship recycling yards to be included on an EU-approved list, which would unleash much-needed shipbreaking capacity for a massive wave of tonnage due to be scrapped over the coming years, according to green recycling consultancy Sea Sentinels.The European Parliament and Council have agreed to allow exports of hazardous waste, including that contained in EU-flagged shipsā€¦

19 Nov 2023

GMS: Steel Plate Prices Not Yet as High as Hoped

Source: GMS

As Diwali holiday celebrations concluded, Alang recyclers seem to slowly be filtering back to work amidst declining plates prices, sentiments, says cash buyer GMS, and local offerings that remain stagnant.ā€œUnfortunately, this remains the ongoing dilemma across much of the Indian sub-continent ship recycling markets, especially as steel plate prices are yet to gain ground to the extent many in the industry had been hoping for thus far, whilst currencies simultaneously continue to cause ongoing worries for respective domestic markets.ā€On the flip sideā€¦

08 Nov 2023

Excelerate Energy Secures Long-Term LNG Deal with Petrobangla, Bangladesh

Credit: Excelerate Energy (File image)

U.S.-based LNG firm Excelerate Energy has signed a long-term liquefied natural gas (LNG) sale and purchase agreement (SPA) with the Bangladesh Oil, Gas & Mineral Corporation (Petrobangla). Petrobangla has agreed to purchase 0.85 to 1.0 million tonnes per annum (MTPA) of LNG from Excelerate for a term of 15 years beginning January 2026. Excelerate will deliver 0.85 MTPA of LNG in 2026 and 2027 and 1 MTPA from 2028 to 2040.Excelerate first opened the Bangladesh market to LNG in 2018 with the development of its integrated Moheshkhali LNG floating storage and regasification unit (FSRU) terminal.

05 Nov 2023

Ship Recycling Market Cools

Source: GMS

Inflation, fundamentals, currencies (except in India), vessel pricing, and overall weakening sentiments have beset the ship recycling market over the past week, reports cash buyer GMS.The effects have been felt across all the sub-continent ship-recycling destinations (even Turkey to an extent), which have cooled by about US$ 20/LDT over recent weeks, says GMS. However, India and Bangladesh have reported surprising increases in steel plate prices over the last week.ā€œSeemingly on the back of global steel plate pricesā€¦

30 Oct 2023

World Maritime University Graduates Class of '23

Photo credit: World Maritime University

On 28 October, the maritime leaders of tomorrow - World Maritime University (WMU) class of 2023 - graduated. The WMU 2023 graduating class includes 283 graduates from 71 countries, including a record of 99 women graduates.WMU President, Professor Maximo Q. Mejia, Jr., delivered welcome remarks. As a WMU graduate himself, President Mejia reflected on the power of the WMU experience and how it affects the way one thinks, works, plans, and interacts. ā€œYou have acquired information that you did not possess before you enrolled here," he said.

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