16 July 2014

GMS weekly report on Pakistan ship breaking industry for WEEK 28 of 2014:

The big news for the week concerned the sale of one VLCC at an extremely speculative number of USD 500 per LT LDT, which is nearly USD 15 per LT LDT above the numbers on show last week.

The unit in question was the Polembros controlled ATHENS WARRIOR (41,992 LDT), which follows the sale of at least one other VLCC to Gadani buyers from cash buyer inventories in recent weeks.

Certainly demand and pricing has been picking up in Pakistan of late and for the right units (such as tankers gas free for man entry only) Gadani buyers are perhaps top dogs right now.

Notwithstanding, news of the Indian budget and the subsequent surge in levels there may yet see Pakistan prices push on further (just to keep up with their sub continent neighbors) as many end buyers remain keen to stock their yards once again.

Source: steel guru. 15 July 2014

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