08 March 2012

GMS report on PAKISTAN shipbreaking industry for WEEK 09 of 2012:

No market sales for the week but whispers of improving demand for the right units left cash buyers scrambling to line up their available tonnage to satisfy the few open buyers out there.

A number of VLCCs have since been confirmed to end buyers in a gas free for man entry state (so those buyers will be out of action for the next 4-6 months with their plots full). As a buyer of the larger vessels (in particular man entrv cleaned tankers), the Gadani market is helping to ease some of the pressure on Bangladesh currently.

With the current slump in the VLCC market it may be that we hit double figures on the number of VLs sold into Gadani with several double hullers already starting to be proposed.

Source: Steel Guru (Sourced from GMS Weekly). 8 March 2012

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