Another week of barren sales lay testament to the realities of a slowing Pakistan market and cooling of demand. Many of the hot buyers have booked themselves with juicy tonnage of late and the second tier of buyers emerging, is offering far lower levels for the tonnage on offer.
A lack of tankers (gas free for man entry only) has also seen fewer overall sales concluded into Pakistan. In the past month, various suezmax, aframax, and VLCCs have been fixed to local yards a favored choice for Gadani buyers.
Local fundamentals remain steady with the only concerns being a slowing demand and political instability, which continues to beset the country.
Source: steel guru. 23 September 2014