The few tankers that were being talked about in the market
(both new tonnage being proposed for sale and those already in cash buyer
inventories) were largely bypassing the Pakistan market, despite the gas
freeing advantage, as prices remained substantially lower than their Indian and
Bangladeshi competitors.
Despite an improving demand and decent local fundamentals,
Gadani buyers simply could not match the rampant movements of Bangladesh and
India (where many end buyers themselves seemed to be taking positions on a
bullish future market).
If the supply of vessels slows markedly, then a lack of
competitive edge may prove to be detrimental to Pakistani buyers as their quest
for new tonnage continues.
Source: steel guru. 28 January 2014
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