18 August 2013

GMS weekly report on Pakistan ship breaking industry for WEEK 32 of 2013:

With Eid holidays now in full swing to bring an end to this month of Ramadan, it has been an understandably quieter last month in the Pakistan market. With the exception of the beaching of two TITAN managed VLCCs as mentioned last week, the offering has been halfhearted and lacking in enthusiasm.

After this relative period on the sidelines, it could be reasonably expected that the Pakistan market fires back into contention come end of Eid next week. Only time will tell whether this becomes a reality but in all likelihood, Gadani buyers will be keeping a close eye on the developments in the challenging India market before committing on any new purchases.

Pakistan buyers can certainly reflect on a fruitful first half to the year with some record numbers of vessels heading to Gadani shores and some of the strongest levels in the Indian sub continent on show.

Source: Steel Guru. 13 August 2013

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