09 September 2014

GMS weekly report on Pakistan ship breaking industry for WEEK 36 of 2014:

The recent impressive showing in the Pakistan market continued for another week with some eye opening (or should that be eye watering?!) local purchases of larger aframax and suezmax tankers gas free for man entry only.

The aframax tanker OVERSEAS ELAINE (16,810 LDT) was sold for an incredible USD 510 per LT LDT ‘as is’ Singapore with approximately 350 T bunkers ROB for the voyage.

With many of the hot buyers swiftly booking their plots with incoming units, demand and prices is expected to cool in the coming weeks and months, as a second tier of less aggressive buyers emerge onto the bidding scene.

With Bangladesh improving and India at least competing for now, that may see Gadani buyers miss out on their share of the market tonnage in the coming quarter.

Source: steel guru. 9 September 2014

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