26 July 2012

GMS weekly report on Pakistan shipbreaking industry for WEEK 29 of 2012:

Following the purchase of two VLCCs gas free for man entry only, the Pakistan market endured a quieter week as the impact of those sales started to sink in.

The APOLLO 16 (34,673 LDT) and the TMT controlled L ELEPHANT (32/198) were committed to buyers last week at levels in and around the low 400s LT LDT.

Meanwhile, there remained specific demand for desired units and as usual, Gadani buyers were there to cherry pick vessels at the same levels or just below what their Indian counterparts were there to offer.

For various reasons geographic location, cheaper D/A fees or simply gas free for man entry only tankers they were hopeful of securing their fair share of units.

Source: Steel Guru (sourced from GMS Weekly). 25 July 2012

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