Two OFAC-sanctioned VLCCs remain stranded outside Bangladeshi waters with no prospects of a final resting place, reports cash buyer GMS, and this is now seeing cash buyers and ship recyclers being vigilant
Two OFAC-sanctioned VLCCs remain stranded outside Bangladeshi waters with no prospects of a final resting place, reports cash buyer GMS, and this is now seeing cash buyers and ship recyclers being vigilant in their due diligence prior to negotiating on units.
There are reportedly still a few more units in cash buyer hands that are waiting to be introduced for a recycling resale. However, given the fate that the behemoth duo has run into outside Bangladesh, it remains to be seen how these pending and even future dealings with candidates from sanctioned source(s) will eventually transpire, says GMS.
“For now, like 2024, the 2025 tsunami of economic tumult continues to surprise week-after-week with macro fundamentals taking turns to shake up ever-changing sentiments across the board. Oil has started to jitter like the stock markets as despite registering declines through the week (and being low overall), it ended at a ‘higher than last week’ level of USD 69.40/barrel, as oil markets remain cautious on the back of recently announced Iranian and Venezuelan sanctions.
“On the flip side (and rather surprisingly), charter rates declined this week across the dry bulk board as nearly all sectors (Handies, Panamaxes, Capes, and even Supras) registered
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