GMS weekly report on PAKISTAN ShipBreaking industry for WEEK 32 of 2011:

Taking the Plunge!                                                                                 

Just as Pakistan began to display some signs of a market recovery amidst the pre Ramadan push for tonnage and desire to stock local yards over the month, levels came tumbling back down in response to the global downturn that in turn affected prices from competing India.

Rarely ones to set the tempo, Pakistan despite demand remaining good, seized the opportunity to reset their levels once again as levels from Alang nosedived dramatically over the recent weeks.

Dry tonnage even dipped below the USD 500 per LT LDT mark with decent tankers now looking towards India and Bangladesh despite the added costs that gas freeing for hot works requires.

No sales for the week reflected just how far the market has tanked and the unwillingness of owners to do business at these new levels due to previous highs seen.

Source: Steel Guru (Sourced from GMS Weekly). 16 August 2011

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