That old sinking feeling plaguing the dry bulk market has led to several veteran bulkers being sold for recycling over the past week.
Dry tonnage was eagerly snapped up by Indian and Bangladeshi recyclers as a new budget prompted renewed optimism at Alang, while in Chattogram, shipbreaking facilities are managing to overcome problems obtaining letters of credit.
In Pakistan, where the International Monetary Fund rejected the country’s proposed debt management plan, recyclers were forced to sit on the sidelines and ponder the cash-strapped government’s restrictions on foreign imports, and record-high inflation.
