04 April 2014

GMS weekly report on Pakistan ship breaking industry for WEEK 13 of 2014:

Pakistani buyers stayed hot on the heels of their Indian competitors this week and whilst not able to take in the volumes, certainly acquired the most eye catching sale of the week.

The aframax tanker EAGLE OTOME (15,646 LDT) from U.S. based owners Icon Capital, looks destined for Gadani shores having been taken by the relevant cash buyer for an extremely firm USD 474 per LT LDT as is Malaysia gas free for man entry only.

The news last week that Pakistan had started to import their first container vessels took many by surprise. With the first vessels set to arrive imminently, it will be interesting to see how Gadani buyers get on (with draft issues the usual complaint) to see whether Pakistan can offer a viable alternative to India and Bangladesh on container units in the future.

Source: steel guru. 1 April 2014

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