With India still struggling under the weight of currency fluctuations and scrap steel price reversals, the Pakistan market was on hand to pick up any excess that came their way especially for geographically positioned vessels.
One tanker, the Glory Shipmanagement owned MT ATLANTIA (9,621 LDT) -discharging in Pakistan was sold for an incredible USD 435 per LT LDT. The strong price on show was due to full spares and good size however it would still be considered highly speculative on today's market with very little sign of imminent improvement in prices due.
A lack of capacity is still visible in Gadani though with, surprisingly, very few buyers prepared to take a chance and strike out at these lower levels on show.
Source: Steel Guru (sourced from GMS Weekly). 1 August 2012http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_30_2012/276322.html