Bangladesh’s shipbreaking industry is moving towards green vessel-breaking facilities after Norway expressed interest in investing in modernizing all recycling yards in the country by February 2023.
Bangladesh’s Environment, Forest and Climate Change minister Shahab Uddin said that Norway will increase trade and investments in Bangladesh in the coming days.
“There are many environmental similarities between Bangladesh and Norway, both countries are located along the coast. That’s why the two countries have the opportunity to work on the sea and areas related to waste management,” said the Norwegian Ambassador Espen Rikter-Svendsen.
Bangladesh shipbreaking sales were slow in 2020 amid the impact of COVID-19 as buyers were not able to pay high. Most yards are not in a position to open letters of credit (LC) amid a severe cash crunch. They are trying to keep prices below $350/ldt for tankers and $330/mt ldt cfr for containers.