05 August 2014

GMS weekly report on Pakistan ship breaking industry for WEEK 30 of 2014:

A busy last few weeks continued in Pakistan with India underperforming again due to concerns over local steel plate prices and the currency hampering offers and activity there.

The VLCC SAMHO CROWN (42,515 LDT) had been committed (most likely under tow) last week for USD 490 perLT LDT, along with several handymax to Panamax sized bulkers in and around USD 475 to USD 480 per LT LDT.

That trend continued this week with the sale of the next Polsteam controlled panamax bulker LEGIONY POLSKIE (13,361 LDT) for a phenomenal USD 486 per LT LDT. The decent condition (owing to the Danish country of build) has contributed to the excellent price on show.

As the market of the moment, many will be hoping that Pakistan can continues this hot streak for the next few weeks, and many vessels with India Pakistan options are being positioned accordingly, in order to enjoy the premiums on offer there.

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