Crew Reviews, Ratings & Info for Konkar-Theodoros

The bulk carrier 'Konkar Theodoros' has been trapped at Chattogram port for the past seven months due to issues surrounding the letter of credit (LC). This vessel, laden with 58,900 tonnes of raw sugar imported by Abdul Monem Group, still retains 14,000 tonnes of its load onboard. The Abdul Monem Group has encountered substantial financial challenges, stemming from Islami Bank's inability to issue the necessary LC to facilitate the clearance of goods. Despite this setback, the company successfully secured LCs from other financial institutions, enabling the unloading of 45,000 tonnes of raw sugar. However, a definitive timeline for the unloading of the remaining 14,000 tonnes remains uncertain. The 'Konkar Theodoros' docked at Chattogram port on February 7, 2024, after its journey from Rio de Janeiro Port with the sugar consignment. The delays at Islami Bank have been attributed to a persistent dollar shortage and other internal issues. The bank's new management has promised that the outstanding LC will be addressed shortly, paving the way for the unloading of the final cargo. Each metric tonne of sugar is valued at approximately $632, placing the worth of the remaining goods at around $8.84 million. Additionally, the ship incurs a daily charter fee of about $20,000, resulting in an estimated extra cost of $4.2 million over the seven-month period.