Following an emergency BSBA (Bangladeshi Ship Breakers Association) meeting early this week, to discuss the alarming recent tails in price, a few opportunistic buyers once again began to quote firm levels on available units.

There may even be some sense of stability returning to a market that has seen more than USD 100/LT LDT come off the purchase price in the last 6 to 8 weeks. Several private units were also concluded all for July deliveries when import taxes will actually be lower than in June, after the recent budget announcement of June 10.

Nevertheless, there remains a huge number of vessels at anchorage as cash buyers struggle to deliver their existing high priced inventories and end buyers trying to find every way possible, to bring down the price / find faults with these vessels.

Now more than ever, cash buyers and owners alike must be absolutely accurate with their vessel descriptions and MO As even the smallest discrepancy can turn into big problems upon arrival in this market.

Source - GMS Weekly

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