GMS weekly report on India shipbreaking industry for WEEK 16 f 2011:

India's purple patch persisted for another week with several more sales being reported at some of the best levels we have seen in the last couple of years. Dry vessels were going at levels comfortably above USD 500 per LT LDT with tankers some USD 25 per ton to USD 30 per ton ahead.

Two tweens saw impressive numbers as the HAJ KHALIL with full spares fetched a decent number. The KING FORTUNE received a number well ahead of bulkers with the MANDALAY also obtaining an extremely firm level as is Yangoon. Finally bulker PISTIS remained one of the leading vessels as the vessel was committed to Indian buyers at a strong USD521.50 per LT.

Local fundamentals remained strong and with demand for all types of units still prevalent it is sure to be another strong few weeks in the build up to the monsoon season ahead.

Source: SteelGuru. (Sourced from GMS Weekly). Tuesday, 03 May 2011

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