The Pakistan market has
so far managed to elude the ongoing saga of the Iranian linked VLCCs, with
existing international sanctions and banking restrictions keeping them from
bidding on the 8 units set to hit the market.
As a result, all of the
vessels have had to be cleaned to gas free for hot works standard, in order to
qualify for entry into India or Bangladesh. Meanwhile, as the Ramadan period
continues in Pakistan and demand and new deals remain at a premium, it may not
be until after Eid that we see any aggression to bid on new or existing units
in the market.
However, this will of
course depend on international sentiments and pricing, with Pakistan unlikely
to lead from the front when bidding. Despite a currency depreciation of up to
2% over the last month, Pakistan fundamentals remain perhaps the best placed of
all sub continent markets currently.
A lack of favored
vessels has yet to be presented to buyers and with prices across all sub
continent markets very similar any larger units coming from the Far East are
now more likely to end up in Bangladesh (or perhaps even Chinese) hands.
Two Titan managed VLCCs,
the TITAN RUCHIRA (32,240 LDT) and TITAN TULSHYAN (39,042 LDT) have recently
arrived and beached for around USD 420/LT LDT in the most eve catching deals of
recent weeks. Along with capesize bulkers and VLOCs, these are the units of
choice for Gadani buyers.
Source:
Steel Guru. 6 August 2013
http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_31/321243.html
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