24 October 2012

GMS weekly report on Pakistan shipbreaking industry for WEEK 42 of 2012:

As deliveries and beachings continued at pace in Pakistan, Gadani buyers saw the majority of the market sales concluded to Indian buyers.

Many of the deals may have a Pakistan option included but firmer prices in India coupled with a greater capacity (after sitting quietly on the sidelines during the currency crisis early in the year) means that most of the vessels concluded will most likely be heading to India.

Pakistan buyers are still competitive for the right units but an overall lack of their preferred tankers has seen them having to diversify in recent times and take their share of larger capesize and panamax high LDT bulkers.

Source: Steel Guru. 23 October 2012

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