24 November 2011

GMS weekly report on PAKISTAN shipbreaking industry for WEEK 46 of 2011:

Ø    Indian news filters through
Ø    Impetus needed

Frozen in Fear:

Having seen a decent share of the tonnage in the past few weeks head towards the shores of Pakistan, there was something of a freeze on buying this week as news and sentiment started to filter through from India.

As was the case with their competing neighbors, there appeared to be a growing reluctance from Gadani recyclers to even offer on most available units, as many of the hungry buyers had already filled their yards or have decided to hold off on the offering, in the expectation that further falls in price could be forthcoming.

It was therefore another blank week for the sale's board with some urgent impetus needed to fire up the market once again.

NO Market Sales Reported

Source: Hellenic Shipping News (Sourced from GMS Weekly). 22 November 2011

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