KONKAR THEODOROS

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Bulk carrier stranded at Chattogram

The 'Konkar Theodoros' has been stranded at Chattogram port for seven months due to complications with the letter of credit (LC). The ship, carrying 58,900 tonnes of raw sugar imported by Abdul Monem Group, still has 14,000 tonnes of cargo stuck on board. The Abdul Monem Group has faced significant financial losses as Islami Bank was unable to issue the LC needed to clear the goods. Over time, the company managed to open LCs with other banks, allowing them to unload 45,000 tonnes of raw sugar. However, there is no clear timeline for when the remaining 14,000 tonnes will be unloaded. The ship arrived at Chattogram port on Feb 7, 2024, en route from Rio de Janeiro Port with raw sugar. The Islami Bank was unable to issue the LC's due to the recent dollar shortage and other internal complications. The new management of Islami Bank has assured us that the remaining LC will be issued soon, allowing to unload the final 14,000 tonnes. Each metric tonne of sugar was valued at $632, meaning the remaining goods are worth approximately $8.84 million. The ship's daily charter fee amounts to around $20,000, leading to an additional cost of roughly $4.2 million over the past seven months.