Bangladesh became the first market in South Asia to accept new vessels with a foreign crew on board for shipbreaking last week, according to GMS. The offers were almost $100/ldt below the peak reached earlier this year.
Shipbreaking activities were hampered in India, Pakistan and Bangladesh on the back of the COVID-19 pandemic. These three markets account for 70pc of the global shipbreaking operations.
In India, the government has allowed the entry of vessels with foreign crews. Vessel owners are expected to seek permission from Ahmedabad authorities. One such vessel has received permission and others are expected to follow suit next week, states the GMS report.
In Turkey yard, prices are said to be below $200/mt with expectations of subdued activity. There have been reports of a large container ship of 33,100ldt sold at $330/ldt and a smaller one at $280/ldt, as per GMS. These trades, though, were unconfirmed.