10 November 2011

GMS weekly report on PAKISTAN shipbreaking industry for WEEK 44 of 2011:

On Hold For Holidays:

A number of recent sales at relatively firm levels have the caught the eye in recent weeks from Gadani buyers.

The STX sister ships OCEAN HOST and OCEAN FRIEND were sold into the local market last week for USD 497.50 per LT LDT with guaranteed 600 T IFO at time of delivery between the two.

The onset of Eid however, may mean a relative slowdown in activity no sales for the week indicated that end buyers are indeed focused on the religious festivities rather titan the negotiation of new vessels.

Notwithstanding, for the time being, Pakistani buyers remain on a level pegging with their Indian counterparts with a growing demand becoming apparent for the right vessels. It will be interesting to see how the market reacts post Eid and whether they finally begin to set the pace on the buying front.

NO Market Sales Reported.

Source: (Sourced from GMS Weekly). 9 November 2011

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