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A total of 165 tonnes of hydrogen peroxide in eight containers from Bangladeshi exporters has become stranded at the Singapore port because the international shipping company is hesitant to deliver the dangerous goods (DG) cargo to the intended importers.
Following the BM Container Depot fire incident at Chattogram port in June, international shipping companies imposed a number of restrictions on the transportation of hazardous chemicals, also known as dangerous goods or DG cargo, to and from Bangladesh.
Shipping lines had refused to carry all types of DG cargo exports and at least four types of DG cargo imports, including hydrogen peroxide.
Exporters say that they will suffer financial losses as well as various legal issues with Bangladesh Bank if these goods do not reach the importers.
According to the Basic Chemical Manufacturers Association of Bangladesh, the export value of each tonne of hydrogen peroxide stuck in Singapore is around $450, including freight charges.
The restrictions imposed by the shipping lines have put the export of nearly $210 million worth of basic chemicals into uncertainty.
“Two of the eight containers stranded in Singapore and containing approximately 41 tons of hydrogen peroxide belong to our company. These containers were destined for Pakistan,” said, Md Manirul Islam, general manager (sales and marketing), Tasnim Chemical Complex Ltd, a concern of Meghna Group, the country’s leading industrial group.
“Since these containers are shipped after completion of all export processes, unlike fixed LCs, importers do not pay if the goods do not arrive,” Manirul explained.
“As a result, if money does not enter the country in exchange for these exports, the exporters must deal with a variety of complications, including allegations of money laundering,” he added.
According to Ocean Network Express (ONE), the shipping line that carried the containers, owing to various restrictions imposed by Singapore on DG cargo from Bangladesh it was not possible to move the containers from the port.
Asadur Rahman, an official of the shipping line, said, “It is yet to be decided what will be done with the hydrogen peroxide containers in Singapore Port.”
