12 March 2014

GMS weekly report on Pakistan shipbreaking industry for WEEK 10 of 2014:

As the Pakistan market stormed back to the forefront of the recycling scene on larger vessels such as capesize bulkers and VLCCs, news of another interesting sale emerged this week.

It appears Singapore based Chinese owners Southernpec may have sold another of their storage VLCCs, the SOUTHERNPEC 8 (33,182 LDT), for recycling to Pakistan this week for a reported USD 450 per LT LDT NETT price. This follows the sale of the sister vessel SOUTHERNPEC 5, also sold to Gadani last year.

At the same time, rumors were rife in Singapore of the SOUTHERNPEC 3 (33,129 LDT) may have also been committed, perhaps enbloc at the same level, although these reports are unconfirmed at the time of writing.

Pakistan remains the ‘go to’ market for larger VLs (gas free for man entry only) and larger capesize bulkers (following the sale of the Polembros controlled NAXOS WARRIOR and Winning ship WINNING PRIDE in the previous few weeks) at levels above what the traditional big hitters in Bangladesh are willing to pay at the moment.

Source: steel guru. 12 March 2014

No comments: