20 December 2011

GMS weekly report on CHINESE shipbreaking industry for Week 50 of 2011:

Chinese buyers led the way once again in terms of new acquisitions, with three market sales to report and yet more interest from yards keen to stock up on new units going into the new year.

Two Greek owners decide to cash in on the improved levels on show the panama bulker Silver Arrow (11,400 LDT) and the Tomasos Brother handy size unit Alexis (6,377 LDT) both fetching impressively number of USD 425/LT LDT.

The upswing on price has made Chinese buyers very firm competitors with the Indian sub continent market- particularly for geographically positioned vessels. The feeling is that prices may yet push on may yet push on even further post Chinese New Year in February, and with steel prices still strong, the year ahead should be another busy one for the emerging powerhouse.

Source: Steel Guru (Sourced from GMS Weekly). 20 December 2011

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