22 May 2012

GMS weekly report on PAKISTAN shipbreaking industry for WEEK 20 of 2012:

Activity pre budget has ground to a virtual halt in the past few weeks with most end buvers eyeing June 1st announcement (i.e. budget) with eager interest as a potential increase in import taxes is expected vet again.

The most recent Indian crisis has also given Gadani end users a ready made excuse to revise levels down it is expected that once the buying resumes post budget, it will be on a similar pegging with the numbers being talked now by Indian buyers.

Despite capacity being breached in many of the yards, there may be one or two end buvers keen to take a tanker or two. With end users at a premium any bidding that does ensue will be very much on Buyer's price and terms.

Source: Steel Guru. 22 May 2012

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