GMS weekly report on PAKISTAN shipbreaking industry for WEEK 45 of 2011:

Ø    Still on top

Ø    Some large tonnage recently beached

Relieving The Pressure!

As prices picked up, Pakistan helped to ease some of the pressure on the Indian market by taking delivery of several larger vessels and competing on most of the units headed the way of Indian shores.

Several Aframax tankers were able to clear into Pakistan and beach with gas free for man entry status only. Furthermore, the two STX Panamax vessels OCEAN FRIEND and OCEAN HOST beached despite the relevant cash buyer perhaps only breaking even on the resale.

As still the best placed and best priced market, several more deals will be expected from the Pakistan market in the weeks and months to come as the other markets continue to struggle.

NO Market Sales Reported

Source: Hellenic Shipping News (Sourced from GMS Weekly). 16 November 2011

http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_45/235938.html

http://hiweb.blob.core.windows.net/hellenicshippingnewsbody/pdf/November%2011,%202011.pdf