Pakistan looked to take advantage this week of the dire circumstances in India (where very few end buyers were even offering hoping to see a more settled market than that of today) by concluding a few candidates that mav otherwise have been destined for Alang shores.
The 31 vears old panamax bulker HAYDAR (11,796 LDT) from Turkish owners achieved a strong USD 430 per LT LDT with 400 T bunkers remaining on board. Meanwhile the fire damaged undertow bulker RENOS (9,050 LDT) achieved a comparatively modest, vet firm LJSD 391 per LT LDT in comparison.
The tendency still exists though in Gadani to follow closely the movements (both up and down) of their Indian counterparts rather than taking a definitive lead and striking out to secure the majority of the market tonnage out there. So if the slide in India continues it will remain to be seen if the ongoing purchases do get performed at the time of the vessels arrival at Gadani.
Source: Steelguru. 19 February 2013.