04 February 2014

GMS weekly report on China ship breaking industry for WEEK 05 of 2014:

The onset of Chinese New Year holidays on January 30th (with the obligatory huge fireworks display across the country) ushered in the Year of the Horse.
China will be off on holidays (with many returning from the big cities and the shipyards to their hometowns to be with their families) for the majority of next week thus business in the Far East is likely to be at a minimum.
State owners have announced to the stock exchange that a steady stream of Chinese flagged vessels of all types and sizes will be heading to the local recycling yards over the course of the year (eligible for the recently announced government subsidies), so it is set to be a prosperous year of the horse in both and North and South yards alike.
Source: steel guru. 4 February 2014

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