26 October 2011

GMS weekly report on CHINESE shipbreaking industry for WEEK 42 of 2011:

Market Malaise:

The Chinese market malaise continued for another week despite some older sales surfacing at what now appears to be rather firm numbers.

There has been a general aversion to even offer for the past few weeks with many in the industry reluctant to put down numbers for fears of further falls perhaps just around the corner.

The Chinese owned bulker WIN GLORY fetched an exceedingly high USD 450/LT LDT to one yard in North China (due to the fact she has a bronze spare propeller and is reported to be in very good condition). The Panamax bulker SEALINK (11,770 LDT) was sold some weeks ago to Changjiang yard also in North China, for another firm price of LTSD 430/LT LDT.

Today most yards are talking only very low 400s/LT LDT (if at all) on dry vessels and some USD 15-20/LT LDT higher for wet units.

Source: Hellenic Shipping News (Sourced from GMS Weekly). 26 October 2011

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