With the Bangladesh government’s primary focus on conserving foreign exchange making it hard for ship recyclers to obtain letters of credit, Chinese domestic bulker operators are coming to the rescue.
The latest recycling market reports indicate that four veteran Chinese-owned bulkers in the smaller-size range have been sold to cash buyers for onward sale to Chattogram.
These smaller ships are the current vessels of preference for most recyclers based in Chattogram as their acquisition costs can be financed using internal resources rather than bank loans that are currently hard to come by.
