01 February 2012

GMS weekly report on Chinese ship breaking industry for WEEK 4 of 2012:

With Chinese New Year holidays fully underway, it was unsurprisingly a tar quieter week in both the local buying and selling.

It had been a frantic final few weeks before the holidays with the number of deals concluded to different yards reaching double figures -three Korean owned vessels -the capesize bulker DONG-A HERMES, panamax bulker FORTUNE CARRIER, and the handymax bulker MEGA ACE found buyers at extremely strong numbers.

It will be interesting to see if the markets here open up just as strong post holidays - as there were signs of receding numbers as capacity filled in the immediate days before.

Nevertheless, with the year of the dragon now underway, it is sure to be an extremely busy 12 months ahead with China looking to take home a record number of vessels in the increasingly central role they now occupy in the international ship recycling scene.

Source: Steel Guru. (Sourced from GMS Weekly). 01 Feb 2012

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