Bangladesh demolition sector was again plunged into uncertainty last week on news that the recent court order allowing yards to reopen was only temporary.
According to local reports, Chittagong yards may have to go back to court to secure permission to continue beaching vessels.
The news prompted rates to jump north as buyers rushed to secure prompt tonnage ahead of any potential new regulatory hiccups for the market.
Recent sales included a large 171,924 gt capesize bulk carrier that fetched a formidable price and is almost certainly bound for Chittagong.
The 1988-built, 41,500 ldt Alster N, operated by Neu Seeschiffarht, was reported sold for delivery to Bangladesh for $505 per ldt, or just under $21m.
In another deal last week, China Shipping’s 1982-built, 9,145 ldt bulk carrier Bao Tong Hai was reported sold for delivery to Bangladesh for $500 per ldt, or nearly $4.6m.