Bangladesh News

The anticipated / ongoing seasonal slowdown in activity coupled with softening vessel prices has clearly started to characterize the year’s summer / monsoon mess across the Indian sub-continent ship recycling markets, reports cash buyer GMS.“However, the 2024 version not only includes the incessant rains and a holiday-time for yard workers, but also ongoing global descent via boots on the ground warfare and an economic tumult that has double downed and unsustainably maintained…

It has been another tentative time in the global ship recycling markets as overall this week, reports cash buyer GMS, as sale and purchase activity and local arrivals / deliveries reported minimal movements at the various waterfronts.Indian sub-continent ship recyclers are approaching the monsoon season with a ‘wait-&-watch’ mindset prior to committing afresh on tonnage, especially since virtually all sub-continent recyclers have taken in their respectable shares of tonnage over…

Vessel prices are already down by about USD 20 – USD 25 / LDT, reports cash buyer GMS, as further decline is expected in the first half of July as previously forecast.Shipowners and cash buyers are now chasing down a declining market, and recyclers are facing exacerbating economic challenges. Not only are local steel plate prices in shambles, but currencies are also taking tumbles at key destinations and have unexpectedly delivered a monsoon retreat for industry players who are looking to conclude business at the various ship recycling destinations…

A ship operated by Russian shipping group Sovcomflot rescued the crew of a tanker taking in water off Yemen's coast this week, the state-owned company, which is under Western sanctions, said on Wednesday.Sovcomflot tanker NS Africa was sailing southeast of the port of Nishtun in southern Yemen on June 23 when it responded to a distress call by the Lavant tanker whose crew had abandoned ship and were in a life raft in the open sea."At 1410 local time, the crew of the tanker NS Africa ...

Across the industry this week, the ongoing and disastrous state of affairs in both Bangladesh and Pakistan on opposite ends, coupled with the onset of the customarily slower summer / monsoon months, has increasingly descended the Indian sub-continent ship recycling markets into a tighter squeeze, reports cash buyer GMS.India too shuffles through the impact of its recent election results, and Turkey is in wait for any signs of tonnage coming their way.“A natural byproduct of such a depreciation has been the increasingly marginal number of units arriving sub-continent port positions every week…

Saving migrants from one of the shipwrecks that have left dozens dead or missing off Italy's shores involved walking through bodies to find barely alive survivors, the NGO captain involved in one of the rescues said on Tuesday.One boat with 51 survivors and 10 bodies was intercepted about 90 kilometres (56 miles) south of the island of Lampedusa, while another was spotted about 200 kilometres east of the southern Italian region of Calabria.Eleven survivors from the second shipwreck and the body of a woman were taken ashore on Monday…

Cash buyer GMS predicts a knuckle-biter of a third quarter for ship recycling, given that:• (confusing) budgets were announced in Bangladesh and Pakistan this week• taxes and duties are to be imposed on FO / LO on incoming vessels in Bangladesh  • India’s first post-election budget is due in July under the freshly formed coalition government• Alang recyclers are still fresh in the wake of post-election abnormalities that are expected to become the norm• a Turkish market that is…

An eventful week in the ship recycling industry saw the announcement of the Bangladeshi budget surprisingly deliver negative news for Chattogram’s ship recycling sector, reports cash buyer GMS.“Bangladesh’s proposed budget has surprisingly fallen short of appreciating, assessing, or even addressing the extent of the nation’s ongoing economic crises via establishing realistic targets and measures needed to correct recently erupted financial abnormalities,” says GMS.The Taka declined further against the U.S.

As May comes to an end, increasing vessel prices on the back of a firming demand from Alang recyclers has now seen local steel plate prices climb nearly $45/ton, reports cash buyer GMS.“Notwithstanding, an all too familiar lack of decent quality tonnage available to global recyclers to sink their teeth into, remains blisteringly omnipresent as the industry ventures into the traditionally quieter monsoon months and freight sectors appear to be performing firmly once again, depriving recycling destinations of meaningful tonnage yet again…

Extreme temperatures across Asia are driving up liquefied natural gas (LNG) demand in the region as importers seek cargoes ahead of summer, with imports in South Asia hitting records.This could tighten available supply and further lift Asian spot prices that have already gained a third since April, with heatwaves across South and Southeast Asia boosting air-conditioner use and other cooling demand. Prices are now at a near six-month peak at $12 per million British thermal units (mmBtu) and are expected to remain elevated."Spot prices are now driven by Asian demand.

As the summer / monsoon months creep closer, ship recycling markets in Turkey and the Indian sub-continent have been firming over recent weeks, reports cash buyer GMS.“Pakistan, though still relatively firm, feels sluggishly satiated of late having taken in a healthy collection of vessels / LDT (for this market’s size).” Despite having bested last year’s recycling volumes with another three fresh arrivals this week, it continues to endure a rather glum outlook as its demand and…

Following on from last week’s unexpected shock via the intentional depreciation in the value of the Bangladeshi Taka, it has been an altogether quieter week of sales and activity in the country, says cash buyer GMS.Domestic ship recyclers are evaluating the potential costs and implications of further depreciations, given that the Taka slipped further into BDT 117 territory against the U.S. Dollar this week. “As Bangladesh’s outflow of foreign currency reserves increases once again…

Towards the end of the working week, the Bangladeshi Taka crashed by about 6.4% against the U.S. dollar in a couple of days. This depreciation in the Taka will translate into higher L/C costs that should escalate by about 6% - 7% (at least), reports cash buyer GMS.This will further reduce already suffocated margins that have resulted from flatlining steel plate prices, ensuring that upcoming vessel acquisitions will be more expensive for local recyclers, who will lose out to a firming India…

The role women play in ensuring maritime safety will be celebrated worldwide by the IMO on this year's International Day for Women in Maritime. Observed globally each year on May 18, International Day for Women in Maritime aims to promote the recruitment, retention and empowerment of women in the sector, as well as a barrier-free work environment.Ahead of the day, the IMO will host an international symposium on Friday, May 17 at IMO headquarters in London, under the theme ‘Safe…

The International Transport Workers’ Federation (ITF) is calling out Dubai-based ship management company Middle East Marine LLC for what it described as "the worst case of serial seafarer abandonment ever seen", involving the systematic abuse and neglect of more than 100 seafarers.Since November 2022, the ITF has reported over 17 abandonments across 18 vessels in Bangladesh, India, the Maldives and Sri Lanka. Seafarers from India, Indonesia and Myanmar have been left in dire conditions including the provision of dirty drinking water…

Activity across the Indian sub-continent ship recycling markets has been climbing on the back of recently witnessed agitations in the trading lanes, reports cash buyer GMS.“A growing number of Ship Owners are biting the recycling bullet and selling their overaged but still trading vessels. Containers have been the first segment to be squeezed out by this recent dip in freight rates as several units were (and continue to be) introduced for a recycling sale,” says GMS.Much of the miniscule supply of tonnage over recent quarters has been focused on the dry and container sectors…

This week, various holidays concluded across the globe just as Indian sub-continent ship recycling markets started to perk up amidst fundamentals that have independently enjoyed varying degrees of volatility and resurgence over recent weeks, reports cash buyer GMS.“Steel plate prices in Bangladesh and Pakistan remained flatlined at respectively firm levels - the effects of which has only helped these markets grab their share of high-priced fixtures since the start the of the year - all while the ever-volatile Indian plate price that fell last week…

Indian sub-continent ship recycling markets enjoyed a greater than expected degree of a post-Ramadan resurgence, reports cash buyer GMS.“Vessel prices across the various destinations seemed to have concurrently enjoyed varying degrees of an uptick this week on the back of which some eye-opening sales were seemingly concluded into the various sub-continent locations.”However, this firming is certainly surprising, given that recycling destination currencies suffered through their own versions of volatility against the U.S.

Somali pirates released a hijacked ship, MV Abdullah, and its crew of 23 early on Sunday after a $5 million ransom was paid, according to two pirates."The money was brought to us two nights ago as usual... we checked whether the money was fake or not. Then we divided the money into groups and left, avoiding the government forces," Abdirashiid Yusuf, one of the pirates, told Reuters.He added the ship had been released with all its crew.Somalia government officials did not respond to a request for comment.The MV Abdullah…

Ship recycling has again been quiet across the ship recycling globe, reports cash buyer GMS.“Moreover, as an increasing number of vessels past beached have been nearly recycled, and barely any meaningful arrivals have been reported at the respective waterfronts (zero in India this week), frustrated industry players are just … going with the depressive flow,” states GMS.“With that being said and reportedly this week, amidst a sea of floating oldies several high-priced sales were surprisingly confirmed to the various markets (essentially Bangladesh and Pakistan)…

The Mongla Port Authority in Bangladesh has taken delivery of its new tug, M.T. Joymoni.The newbuild is a RAmparts 3200-CL designed by Canada's Robert Allan Ltd. and built by Cheoy Lee Shipyards, in China.The RAmparts 3200-CL was designed by Robert Allan Ltd. in 2008 exclusively for Cheoy Lee Shipyards, with the first tug, Ocean Pioneer, delivered to Ocean Sparkle in India in 2011. Based on the RAmparts series, the hull form was developed to provide a high performance, multi-function tug in a shallow draft configuration, with bollard pull of up to 85 tonnes, the designer said.M.T.

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.“On 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).”GMS says: “India continues to endure its share of nerve-racking volatility in local steel plate prices as well as the Indian Rupee…

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 and…