03 August 2011

GMS weekly report on shipbreaking industry for WEEK 30 of 2011:

As India pushed onto levels not seen since the falls of 2008, the rest of the industry was left trailing in their wake once again even though small increases in levels were seen across the board, probably just an attempt from the rest of the industry to try keep pace with the market leaders.

A combination of strengthening steel prices, a strong rupee against the US dollar and a continued and insatiable demand for all types of vessels left India as the go to market again for the world's aging fleet. Resultantly and unsurprisingly, a number of high profile tankers gas free for man entry and hot works too made their way to Indian shores for the first time in a while.

Pakistan, with national holidays and Ramadan on the horizon did their best to compete and secure their favored tanker units, but in truth, were left trailing in the wake of some ruthless Indian buying.

Bangladesh too could only look on in frustration with the local court extension yet to be signed and many still nervous about the actual length of time it would eventually take.

China did what they could to divert geographically positioned tonnage, but it all paled into comparison with an Indian market in the ascendant.

For week 30 of 2011, GMS demo rankings for the week are as below:

Market Sentiment
Gen Cargo Prices
Tanker Prices
USD 525/lt ldt
USD 550/lt ldt
USD 500/lt ldt
USD 525/lt ldt
USD 450/lt ldt
USD 465/lt ldt

Source: Steel Guru (Sourced from GMS Weekly) Wednesday, 03 Aug 2011

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