22 May 2013

GMS weekly report on Pakistan ship breaking industry for WEEK 20 of 2013:

There were few chances to import vessels pre-budget into Pakistan. As a result, the number of deals being negotiating (and concluded) were fairly limited.

The Pakistan budget takes place on June 10th and many buyers are now content to wait and watch the results of, before committing on new tonnage - in case any new taxes or import duties are imposed.
The change in leadership has also caused a shift in focus away from the ship-recycling sector as many eagerly anticipate new policies or plans that may come into effect.

There remains keen buying interest for the right types of vessels - larger bulkers and tankers (even bulkers converted from tankers which seem to be finding fewer cargoes today owing to limitations on cargo tank capacity) - though there seem to be fewer vessels in circulation compared to several weeks ago.

One interesting sale was concluded however, as Turkish owners continued their clear-out of older vessels, with the sale of the TURKUAZ 8 (7,140 LDT) for a firm USD 430/LT LDT.

Source: steel guru. 22 May 2013

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