03 December 2013

GMS weekly report on Pakistan ship breaking industry for WEEK 48 of 2013:

With the Pakistan market finally starting to wake up following a rather tepid last month or so, it was no surprise to see several vessels committed to Gadani buyers at some sharper overall numbers.

Several VLCCs remain available gas free for man entry only - but at the time of writing, neither the Navios controlled SHINYO NAVIGATOR (for which owners declared the ‘as is’ Fujairah option for delivery this week) nor the TM HARMONY (sold ‘as is’ Singapore) have yet been committed to local buyer.

The relevant cash buyers are no doubt checking their hot works cleaning figures and comparing prices / delivery costs into Bangladesh accordingly.

Meanwhile, the local currency remains a major cause for concern in Pakistan with the PLR trading at a new historical low of Rs. 109 to the U.S. Dollar come he end of the week. It may be that buyers choose to scale back their offers in the coming week as a reaction to this.

Source: steel guru. 3 December 2013

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