09 August 2012

GMS weekly report on Pakistan shipbreaking industry for WEEK 31 of 2012:

Pakistan buyers were again starting to display their ability and willingness to bid on the larger tonnage.

A number of vessels including suezmax tankers and VLCCs were being put to hungry Gadani end buyers who seemed keen to step up to the mark as prices in competing Bangladeshi and Indian markets also showed signs of improving.

Whether recent speculative cash buyer purchases can drag the market up though remains to be seen and is a considerable cause for concern in some quarters given the underwhelming local fundamentals.

Previously concluded vessels and cash buyer 'as is' tonnage proved largely to satisfy the Gadani appetite to acquire explaining the lack of market vessels on display below.

Source: Steel Guru. 8 August 2012

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