16 October 2013

GMS weekly report on Pakistan ship breaking industry for WEEK 41 of 2013:

As the weakest placed of all Indian sub-continent markets and unable to keep pace with a rampant India, Pakistan's hopes of securing any market tonnage this week were slim.

That being said, there were some well-positioned larger tanker candidates only gas free for man entry under negotiation this week, yet as has been the case recently cash buyer speculation seemed to far outweigh the reality on the ground.

Pakistan numbers are remaining understandably cautious on account of the volatile Pakistani Rupee. The upcoming Eid holidays may well see end buyers take stock and emerge reinvigorated and ready to compete (demand is evident), but much depends on how steel and currency continue to perform.

Source: GMS Weekly. 15 October 2013

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