Pakistan following hot on the heels of their Indian neighbors suffered a slowdown in both sentiment and levels this week after the spate of activity that had seen them pick up a number of VLCCs and larger tankers and bulkers last month.
Very rarely the market to set the pace, Gadani recyclers were not suffering from the crippling currency fluctuations and steel price reversals that have beset the Indian market for so long, but in terms of steady supply and a lack of demand / capacity, the telltale signs are starting to show.
With Indian buyers away on Diwali holidays for the week and Eid having recently ended in Pakistan, this could be the ideal time for Pakistani buyers to pick up a few vessels, if only they would show the intent and initiative.
Source: steel guru. 15 November 2012.http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_45/291648.html