Bangladeshi ship breakers came back to the market last week and secured two vessels.

Amid a background of lacklustre rates in the Indian subcontinent, Bangladeshi buyers bought a pair of ships at rates in line with those on offer in India.

On the other hand, Chinese breakers show bullish activity and increase rates further.

“A change in leadership in China is also expected to see growth once more pick up, thereby leading to greater demand for steel and a strong appetite to buy,” said US-based cash buyer GMS.