26 October 2011

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

Stalling not Supporting:

  • Market of moment
  • Fear of taking centre stage
Despite their improved standing as the number one ranked market at the moment, it was a dry week on the purchasing front tor Pakistani buyers.

There were plenty of candidates to chew over particularly aframax tankers but the fear from West Coast India had begun to seep through come the end of the week and as buyers that rarely set the tempo, an overall reluctance to buy started to descend into the market.

For that reason, many of the deals that were being negotiated in and around 520 to 530 LT LDT on wet vessels began to stall with the feeling that those prices may eventually settle region USD 500 per LT LDT on tankers and mid 400s per LT LDT on dry.

With Bangladesh out of the game and both India and China struggling, now really is the time for Gadani buyers to come to the fore and secure some market tonnage but once again the fear of taking center stage appears to be holding the market back.

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

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