21 October 2014

GMS weekly report on Pakistan ship breaking industry for WEEK 42 of 2014:

Whilst not as precariously placed as the Indian market, there was still a distinct lack of interest to acquire units from Pakistani end buyers.

The onset of Diwali holidays in India may place the spotlight firmly back on Pakistan and Bangladesh (both having recently emerged from Eid holidays themselves), yet it seems like both markets are content to wait and watch market developments (expecting a downward trend) before committing themselves on new units.

Rumors were also rife this week that the 41,660 LDT VLCC that had been mooted as a potential sales candidate last week at an unthinkable price above USD 525 per LT LDT was once again back on the market the most high profile (and costly) of the recent failed deals and something that has caused owners to lose even the original prices they had from reputable cash buyers as well.

Source: steel guru.  21 October 2014

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