GMS weekly report on shipbreaking industry for WEEK 9 of 2013:

It was a week of interesting activity on all fronts with budgets announced, new taxes implemented, and instability undermining fundamentals across the Indian sub-continent. China too faced challenges as local market fluctuations coupled with chronic oversupply left the previously bullish end buyers in a state of flux. There is much to discuss men, as industry plavers convene once again in Dubai for the annual Tradewinds recycling conference and the turbulent events of the year so far are likely to be a hot topic of debate.

Central to sentiment across the sub-continent is the largest recycling destination, India, where this week, the much-anticipated budget was announced. As tends to be the case, there were few overall material changes to affect the recycling industry and it remains business as usual there. This had seen some renewed optimism return to the buying before the currency once again took a turn for the worse and depreciated back towards Rs. 55 to the U.S. Dollar. As it remains, if it's not local steel plate prices causing suffering on the Indian shorefront, the currency is sure to play its role to the despair of local buyers!

It was in Pakistan however, where the biggest shock for the week came with news of a potential 5% tax hike on new vessels to be imported for recycling. This news has come about quite suddenly so Gadani buyers across the board have decided to put a halt on buying activities for the time being until the fine print has been read and all is fully understood regarding the potential new payments / taxes. Bangladesh has been rocked by riots, strikes, and unfortunate deaths after the announcement early in the week that an Islamist party leader was sentenced to death. The whole country has ground to a virtual standstill with police and rioters reportedly clashing.

China experienced some worrying signs of decline as many end buyers chose simply not to offer following the recent binge on units there and sentiment stuttered for the first time this year. Finallv, as Turkev continues its encouraging start to the year, a few more sales come to light as the MPP SAKALA (6,120 LDT) fetched region USD 304/LT LDT. Two approximately 7 KLDT RoRos were also sold on PNC terms into Turkey for region USD 325/LT LDT.

For week 09 of 2013, GMS demo rankings for the week are as below:

Country	Market Sentiment	GEN CARGO Prices	TANKER Prices
India	Cautious	USD 400/ltldt	USD 425/ltldt
Bangladesh	Cautious	USD 390/ltldt	USD 420/ltldt
Pakistan	Weak	USD 385/ltldt	USD 420/ltldt
China	Cautious	USD 375/ltldt	USD 400/ltldt

Source: steelguru. 5 March 2013

http://www.steelguru.com/international_news/GMS_weekly_report_on_ship_breaking_industry_for_WEEK_9/304281.html

GMS weekly report on India shipbreaking industry for WEEK 9 of 2013:

With the Indian budget being announced this week, very few surprises came to pass in the ship recycling sector i.e. no increases for import taxes (as was rumored / feared prior to the announcement) led to a momentary mid-week surge of optimism as a few deals were committed.

However, the gloom had fully sunk in once again come the end of the week as the currency slid back to a perilous Rs. 54.90 against the U.S. Dollar - dangerously close to the 55 levels that have caused so much consternation to end buyers over the past year or so.

Nonetheless, several sales were confirmed over the course of the week, with two Danaos controlled containers fetching firm numbers. The PRIDE (14,943 LDT) and the HENRY (14,158 LDT) both fetched numbers in the 440s/LT LDT for a delivery India (showing just how far the market has come off since the highs of one month ago when levels into the high 460s and even 470s/LT LDT were seen on earlier container sales).

In the other sale for the week, the bulker VALPOLICELLA (9,387 LDT) also received an impressive USD 422/LT LDT.

If the currency can improve in the coming week, all are hoping that India can push on once again to ignite some post budget bullishness.

Source: steelguru. 5 March 2013

http://www.steelguru.com/indian_news/GMS_weekly_report_on_India_ship_breaking_industry_for_WEEK_9/304196.html

GMS weekly report on Bangladesh shipbreaking industry for WEEK 9 of 2013:

The focus shifted firmly from the ship-recycling sector to the political arena with upheaval across the country bringing activity in Chittagong to a virtual standstill.

Amidst reports of 16 (and perhaps higher) dead after violent clashes between protestors and the local police, working hours have been severely affected as strikes from the opposition party have been called for several days on end. Activists have responded to the death sentence of an Islamist leader (Delwar Hossain Sayeedi) for crimes dating back to the war of Independence in 1971.

This is hampering banking efforts and deflecting interest from the buying of new vessels. Whether deliveries are delayed due to the slowdown in opening / releasing LCs remains to be seen.

At a time when bulkers are well below the USD 390/Ton level, ne confirmed sale from Mondav saw the Korean owned clinker carrier SB QUEEN (8,094 LDT) sold for a firm USD 418.50/LT LDT to one ambitious buyer.

Source: steelguru. 5 March 2013

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_9/304199.html

GMS weekly report on Chinese shipbreaking industry for WEEK 9 of 2013:

The volume of vessels recently concluded into China (both market and private) this week finally started to take its toll, with many yards not even speaking on new candidates due to capacity issues.

Those that were willing to open their mouths to offer were doing so at far lower levels as sentiment started to show signs of taking a dramatic dip from (so far) competing Indian sub-continent numbers.

The one bulker concluded saw the PACIFIC BANGHU (5,307 LDT) fetch a strong (on today's market) USD 391/LT LDT into North China.

Source: steelguru. 5 March 2013

http://www.steelguru.com/chinese_news/GMS_weekly_report_on_Chinese_ship_breaking_industry_for_WEEK_9/304249.html

GMS weekly report on Chinese shipbreaking industry for WEEK 7 of 2013:

A lack of activity due to Chinese New Year holidays is expected to be broken next week with the return to the table of yards in both North and South China.

Whether all yards have renewed licenses in time and even returned from their hometowns from the holidays remains to be seen so it could be a rather stuttered start to the week at least.

No market sales were (unsurprisingly) concluded for the week and several owners will no doubt be monitoring prices with interest upon reopening as a number of candidates remain positioned in the area and Bangladesh has yet to jump up significantly on the price to justify the voyage over.

Expect a good scrap between the Chinese and Bangladeshi market in the year ahead on geographically positioned tonnage!

Source: Steelguru. 19 February 2013.

http://www.steelguru.com/chinese_news/GMS_weekly_report_on_Chinese_ship_breaking_industry_for_WEEK_7/302364.html

GMS weekly report on shipbreaking industry for WEEK 7 of 2013:

The resistance on prices and buying that has been witnessed over the past few weeks particularly in India was once again evident this week, despite cash buyer speculation that was once again, taking center stage.

Many of the high priced deals concluded in January are now starting to deliver and for those who had banked on a market upswing amidst a frantic buying month, the pain was starting to be felt especially on those vessels arriving without an end buyer in place.

Indeed, if cash buyers were not struggling to get their end buyers to perform, on the whole there were some significant hits being taken across the board - particularly on the raft of larger container vessels purchased into the high 460s and 470s/LT LDT only last month. While certain vessels are being taken over by cash buyer crews at anchorage and hoping to idle for a potential market upswing in order to justify their speculative purchases other (less scrupulous) buyers are simply renegotiating deals down to prevailing levels so as to minimize losses.

The scene is most difficult of all in India, where the Indian Rupee has once again started to depreciate back towards INR 54 to the US Dollar, and steel prices faced another uphill struggle in order to gain parity with recent acquisitions / expectations.

The spotlight therefore fell heavily onto Pakistan and Bangladesh (with China out of action) whose performances were needed in order to deflect attention from India. Many cash buyer vessels began to be diverted away from India, as a large number of end buyers in Alang simply even refused to come forward and make offers.

Minimal activity in China owing to the New Year holidays heightened the expectation that upon reopening, the Chinese could add some much needed impetus and urgency into the market.

For week 07 of 2013, GMS demo rankings for the week are as below:

Country	Market	GEN CARGO Prices	TANKER Prices
Bangladesh	Cautious	USD 400/ltldt	USD 425/ltldt
Pakistan	Cautious	USD 390/ltldt	USD 420/ltldt
India	Weak	USD 385/ltldt	USD 420/ltldt
China	Bullish	USD 375/ltldt	USD 400/ltldt

Source: Steelguru. 19 February 2013.

http://www.steelguru.com/international_news/GMS_weekly_report_on_ship_breaking_industry_for_WEEK_7/302401.html

GMS weekly report on Pakistan shipbreaking industry for WEEK 7 of 2013:

Pakistan looked to take advantage this week of the dire circumstances in India (where very few end buyers were even offering hoping to see a more settled market than that of today) by concluding a few candidates that mav otherwise have been destined for Alang shores.

The 31 vears old panamax bulker HAYDAR (11,796 LDT) from Turkish owners achieved a strong USD 430 per LT LDT with 400 T bunkers remaining on board. Meanwhile the fire damaged undertow bulker RENOS (9,050 LDT) achieved a comparatively modest, vet firm LJSD 391 per LT LDT in comparison.

The tendency still exists though in Gadani to follow closely the movements (both up and down) of their Indian counterparts rather than taking a definitive lead and striking out to secure the majority of the market tonnage out there. So if the slide in India continues it will remain to be seen if the ongoing purchases do get performed at the time of the vessels arrival at Gadani.

Source: Steelguru. 19 February 2013.

http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_7/302346.html

GMS weekly report on Bangladesh shipbreaking industry for WEEK 7 of 2013:

A drastic few weeks of decline and fall has finally seen prices settle, some way below USD 400/LT LDT on dry units (with up to 400-405/LT LDT there on decent, favored bulkers), and about USD 25/LT LDT ahead for tankers (gas free for hot works) and containers.

All types of vessels continued to arrive from cash buyers, and those that had not been diverted elsewhere, invariably faced trouble with end buyers trying to wriggle and justify the market price of the dav. Those units concluded at some of the extraordinary and speculative highs of last month faced particular pressure with certain cash buyers becoming increasingly desperate to sell at numbers that no longer exist.

It is never a good time to sell when the market is falling - no cash buyer or owner wants to be chasing down the market and certainly, end buyers have begun to scent blood and are looking to take advantage of some increasingly desperate Sellers.

Of those deals that were concluded, the Polish built bulker YELLOWSTONE (9,765) achieved a firm USD 415/LT LDT as did the ABS classed handysize bulker BARBRO (6,575 LDT) at USD 410/LT LDT. Meanwhile the STAR ISLAND H (5,409 LDT) faced a renegotiation by a reported USD 12/LT LDT upon arrival by the concerned cash buyer.

Source: Steelguru. 19 February 2013

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_7/302319.html

GMS weekly report on Indian shipbreaking industry for WEEK 7 of 2013:

A drastic few weeks of decline and fall has finally seen prices settle, some way below USD 400/LT LDT on dry units (with up to 400-405/LT LDT there on decent, favored bulkers), and about USD 25/LT LDT ahead for tankers (gas free for hot works) and containers.

All types of vessels continued to arrive from cash buyers, and those that had not been diverted elsewhere, invariably faced trouble with end buyers trying to wriggle and justify the market price of the dav. Those units concluded at some of the extraordinary and speculative highs of last month faced particular pressure with certain cash buyers becoming increasingly desperate to sell at numbers that no longer exist.

It is never a good time to sell when the market is falling - no cash buyer or owner wants to be chasing down the market and certainly, end buyers have begun to scent blood and are looking to take advantage of some increasingly desperate Sellers.

Of those deals that were concluded, the Polish built bulker YELLOWSTONE (9,765) achieved a firm USD 415/LT LDT as did the ABS classed handysize bulker BARBRO (6,575 LDT) at USD 410/LT LDT. Meanwhile the STAR ISLAND H (5,409 LDT) faced a renegotiation by a reported USD 12/LT LDT upon arrival by the concerned cash buyer.

Source: Steelguru. 19 February 2013

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_7/302319.html

GMS weekly report on Bangladesh shipbreaking industry for WEEK 6 of 2013:

This week, Bangladesh despite a dearth of deals done was the only sub-continent market to hold up on levels and enquiries from end buyers.

Fewer preferred units were available capesize bulkers and larger LDT tankers gas free for hot works, but end buyers did make the best of what was available including a few handysize bulkers (including clinker carriers!) with offers below USD 400/LT LDT and even containers for certain buyers.

With China out of action for the New Year holidays, it may be that the Bangladesh market sees a few more candidates as vessels positioned in the East become available again.

Source: Steelguru. 12 February 2013

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_6/301381.html

GMS weekly report on Indian shipbreaking industry for WEEK 6 of 2013:

After in excess of 10 market deals concluded last week, the situation in India proved to be drastically different this week with prices down by as much as USD 25/LT LDT and the task of garnering any sort of offers from local buyers was proving particularly challenging for cash buyers.

Indeed, after the multitude of high priced deals that greeted the 3^ear, there will certainly be several owners and cash buyers sweating on those vessels that have yet to deliver and hoping that all gets performed smoothly.

Steel prices have taken the major hit over the past few weeks, bottoming out (as most in the industry are hoping) by almost INR 1,500 lower after some two weeks of consecutive falls. In contrast however, the currency has remained stable, with the rupee trading at a comparative^ healthy INR 53 to the US Dollar (having earlier in the year been up as high as 55 to the dollar).

The one market deal done for the week concerned that of Glory Shipping of Singapore controlled bulker MV PIONEER II (4,701 LDT), going for a speculative USD 410/LT LDT. With most small bulk carriers now well below LISD 400/LT LDT, the relevant cash buyer is taking something of a chance with the price paid.

Source: Steelguru. 12 February 2013

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_6/301377.html

GMS weekly report on Indian shipbreaking industry for WEEK 5 of 2013

A bumper week in the Indian market saw no less than 10 market deals concluded -some at very impressive numbers indeed. The fear though, is that many of the prices on offer by over eager cash buyers are not representative of levels on the ground, as the markets have seen prices fall some USD 10-15/LT LDT in the last week alone due to softening scrap steel levels.

The appetite for containers continues with three larger LDT units sold into the 460s/LT LDT. The Singapore controlled BANJO BRIDGE (17,594 LDT) and VAN AMAZONAS (17,548 LDT) achieved USD 465/LT LDT - the younger age at 1998 built and attractive size may have been responsible for the price which still looks too firm today.

Another interesting sale concerned that of the Turkish owned panamax bulker ALMA ATA (15,583 LDT) for a crazy USD 440/LT LDT (the price reserved for a tanker today) -the 450 T of bunkers and 1999 build (even though keel was originally laid in 1992) has likely contributed its fair share to the hefty price on show. The sister ship from the same owners was sold into China.

The molten chip carrier NTABENI (12,251 LDT) - a complicated vessel At the best of times owing to insulation / cargoes - obtained a firm USD 420/LT LDT.

Source: GMS Weekly. 05 February 2013

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_5/300532.html

GMS weekly report on Bangladesh shipreaking industry for WEEK 5 of 2013

The Bangladeshi market took their share of vessels this week to keep pace with competing markets. Vessels discharging clinker in the area such as the Chinese owned FU XIANG (7,609 LDT) were the most logical candidates for the Chittagong market bearing in mind the strength of China and their Indian sub-continent competitors in Pakistan and India.

The USA controlled aframax tanker ORKNEY SPIRIT (16,476 LDT) obtained a special price of USD 440/LT LDT 'as is' either in Kaohsiung or Hong Kong, with about 800 T bunkers expected to be on board upon delivery. The concerned cash buyers will have to clean the vessel themselves to hot works standards in order to obtain entrv into Bangladesh. However, the decent size and USA ownership should see the vessel fetch a decent price into Chittagong.

A rarity of favored units in Bangladesh currentlv (owing to the performance of competing markets / overall lack of preferred units such as capesize bulkers in the market) should see the price pushed up accordingly.

Turkish owners sold the bulker ALBUS (6,829 LDT) for a firm USD 425/LT LDT in the other market move for the week. It will be interesting to see if the number of candidates increases with the expected absence of the China market owing to the impending Chinese New Year holidays for the next few weeks.

Source: GMS Weekly. 5 February 2013

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_5/300525.html

GMS weekly report on Chinese shipbreaking industry for WEEK 03 of 2013:

With the Chinese market still in full swing before the onset of the New Year holidays, it was unsurprising to see several more units concluded into China this week. Many vessels have gone direct from Chinese owners into local vards with little more than a casual or cursory check on the sub-continent market (and even then with little serious intent to bring vessels over).

Those units discharging in China or the Far East, are seeing far more bang for their buck on the demo prices at present - something that is seeing the Bangladeshi market in particular, lose out on tonnage.

Whether this trend continues after the Chinese New Year holidays in mid-February remains to be seen, when yards will have to renew licenses at that time and have a whole new quota of vessels to fulfill.

The Japanese owned PCC ASIAN SPIRIT (15,578 LDT) was concluded for USD 410/LT LDT into North China this week for guaranteed green recycling.

Source: Steel Guru. 22 January 2013

http://www.steelguru.com/chinese_news/GMS_weekly_report_on_Chinese_ship_breaking_industry_for_WEEK_03/298941.html

GMS report on Bangladesh shipbreaking industry for WEEK 51 of 2012:

Much like the Pakistani market at present Bangladeshi buyers are there to acquire preferred units whilst largely ignoring those vessels that actually are firm candidates.

A dearth of VLCCs, suezmax tankers, and capesize bulkers oil late has left Chittagong buyers somewhat frustrated. Even panamax bulkers of which there is still a decent supply are failing to attract the attention of local buyers whose eves are firmly focused on tonnage of 20,000 LDT and upwards.

By way of speculation, the larger LDT units make sense to cut these takes a number more months than the smaller vessels, which can be scrapped far quicker before getting a new one at a new price.

Hence, the reason India is the ideal destination for smaller units, with volatility on steel prices, currency and sentiment all too persistent currently.

Source: Steel Guru. 25 December 2012

http://www.steelguru.com/indian_news/GMS_report_on_Bangladesh_ship_breaking_industry_for_WEEK_51_2012/296300.html

GMS report on India shipbreaking industry for WEEK 51 of 2012:

As the lowliest of the Indian sub continent markets, it was another difficult week of decline and fall in Alang as cash buyers and owners struggled to get their vessels delivered at previous high prices.

Several as is deals with Indian hallmarks were however concluded by bullish cash buyers.

The Tsakos container vessel MSC BRASILIA achieved an extraordinary USD 442/LT LDT as is Singapore with 350 T bunkers ROB at the time of deliver. Bearing in mind, delivered containers are not even able to achieve this price; it was indeed a very brave and speculative move by the concerned cash buyer worth keeping an eve on!

By contrast the full spares Tanker built in Sweden PROVIDENCE obtained a bargain USD 400/LT LDT as is Singapore with 150 T bunkers ROB.

It is worth noting though that both of these deals could emerge as candidates for either Bangladesh (for both tanker and container) or Pakistan. At the end of the day, breakeven/positive prices will dictate the destination shores on which the respective cash buyer will eventually decide to head to.

Market sales reported –

NAME	TYPE	LDT	REPORTED PRICE
MSC BRASILIA	Container	14,173	USD 442/LT LDT
(‘as is’ Singapore incl 350 T bunkers)
PROVIDENCE	Tanker	9,651	USD 400/LT LDT
(‘as is’ Singapore with 150 T bunkers)

Source: steelguru. 25 December 2012

http://www.steelguru.com/indian_news/GMS_report_on_India_ship_breaking_industry_for_WEEK_51_2012/296284.html

GMS report on India shipbreaking industry for WEEK 50 of 2012:

Few signs of recovery existed this week in the Indian market as an end of year gloom descended on what has been an incredibly frustrating and volatile year in the Indian ship recycling industry.

There is little doubting the intensity of activity this year with volume records set to be broken, vet the currency and steel prices have proved to be such destabilizing factors over the course of the year that end buyers have become incredibly nervous arid indecisive when it comes to the actual buying.

Vessels continue to arrive and face difficulties either with description or on LDT proofs at time of delivery, especially those deals done at levels of USD 50 per LT LDT and higher last month. It is the role of the strong and reliable cash buyer now, more than ever, to see those high priced deals through and concluded without a hitch.

The two market sales for the week saw Odfjell sell another of their tankers for guaranteed green recycling the BOW LEOPARD (9,440 LDT) at USD 435 per LT LDT (including 70 T of solid stainless steel) and the good cargo carrying handy size bulker BELDE (7,500 LDT) sold for a very firm USD 410 per LT LDT. Both appear to be highly speculative deals on today's market.

Market sales reported -

VESSEL NAME	TYPE	LDT	REPORTED PRICE
BELDE	Bulker	7,500	USD 410/LT LDT
BOW LEOPARD	Tanker	9,440	USD 435/LT LDT (incl 70 T stainless steel

Source: Steel Guru. 18 December 2012

http://www.steelguru.com/indian_news/GMS_report_on_India_ship_breaking_industry_for_WEEK_50_2012/295494.html

GMS report on Bangladesh shipbreaking industry for WEEK 50 of 2012:

As select buyers emerged for specific tonnage largelv the cape size bulkers and suezmax tankers/VLCCs vessels with 20,000 LDT and over, a whole raft of candidates either discharging in the area or coming from the East were mostly ignored, even at much lower levels.

These included, for the most part, older handy size bulkers discharging clinker in Chittagong poor cargoes, ownership, age and condition meant that most end buyers were simply unwilling to put them on their plots with other, more attractive option available to them.

On that note, there were rumors that the bulker ATTRACTIVE (7,46S LDT) was sold for a decent USD 40S.50 per LT LDT only for that deal to fail after the relevant cash buyer was unable to find an end buyer to beach the vessel.

Now more than ever, it has become imperative to find end buyers to take vessels before committing to a purchase, given the constant supply of tonnage in the market. Even those vessels considered to be favored units may garner no interest which has led to great frustrations amongst all cash buyers in the sub continent.

Mixed in with LC delays and new personnel handling NOCs for vessels to proceed inwards to beach, it has become a very challenging time in Bangladesh. Owners should now be prepared for greater waiting time/patience off the back of this.

Market sales reported -

VESSEL NAME	TYPE	LDT	REPORTED PRICE
ATTRACTIVE	Bulker	7,468	USD 408.5/LT LDT

Source: Steel Guru. 18 December 2012

http://www.steelguru.com/indian_news/GMS_report_on_Bangladesh_ship_breaking_industry_for_WEEK_50_2012/295496.html

GMS report on Pakistan shipbreaking industry for WEEK 50 of 2012:

Pakistan established themselves this week as firmly ahead of their Indian competitors with a greater aggression to buy at better numbers.

Indeed, the Danish built, ABS class, full spares panamax bulker 05TSEE MERCHANT considered to be a prime Indian candidate was surprisingly concluded to Gadani buyers for a highly impressive USD 410 per LT LDT.

With a paucity of tankers currently on the market and a lack of overall demand for container vessels, reefers and other general cargo/MPP types, Pakistan buyers have to switch their focus back to bulkers. With a less volatile currency and steel market than India, firm Gadani buyers seem able to outbid their Indian counterparts on desired tonnage at present.

Market sales reported –

VESSEL NAME	TYPE	LDT	REPORTED PRICE
OSTSEE MERCHANT	Bulker	12,926	USD 410/LT LDT

Source: Steel Guru. 18 December 2012

http://www.steelguru.com/middle_east_news/GMS_report_on_Pakistan_ship_breaking_industry_for_WEEK_50_2012/295530.html

GMS report on shipbreaking industry for WEEK 50 of 2012:

The anticipated Christmas / New Year slowdown has shown few signs of beginning Just yet as all markets continue acquiring tonnage and previous deals / cash buyer 'as is' tonnage continues to arrive respective demo locations at pace.

Indeed even yards in Vietnam and the ever-busy Turkish market (which has supposedly secured more units, not LDT, than Bangladesh this year) took vessels for the week as owners aimed to cut their losses and put money in the bank to appease financiers and balance sheets before the end of the year.

Even an upswing in charter rates (amidst a dearth of tankers of late) has failed to slow die number of candidates especially with many vessels approaching surveys in die early part of the coming year. The current supply seems largely to be from the container sector (up to mid 90s built and sometimes even younger) and a whole rait of 80s built handysize (and occasionally older) bulkers.

India struggled on for another week really only taking green candidates and favored units with keen end buyers backing respective purchases. The Indian Rupee was still trading at excess 54 to the dollar and a recovery in steel prices has yet to be seen. Notwithstanding the recent volatility reigning in India, Cash buyer speculation still seems to be teetering into ongoing negotiations on the back expectations of a firming January.

Pakistan and Bangladesh were other die two Indian sub-continent markets of the moment with enquiries emerging for die larger vessels on offer, yet not necessarily the supply (certainly on the tanker side) yet forthcoming to satisfy that demand.

China remains open to buy all types of vessels from reefers, to passenger vessels to general cargos to capesize bulkers and tankers (gas free for man entry only). Levels come the end of the week were once again on die rise off the back of an improving stock market, and for diose vessels positioned in the area, the voyage over to Bangladesh no longer justifiable.

For week 50 of 2012, GMS demo rankings for the week are as below:

Country	Market Sentiment	GEN CARGO	TANKER Prices
Bangladesh	Cautious	USD 385/lt Idt	USD415/ltldt
Pakistan	Cautious	USD 380/lt Idt	USD 415.lt idt
India	Weak	USD 375/lt Idt	USD 410.lt idt
China	Bullish	USD 365/lt idt	USD 380/lt Idt

Source: steelguru. 18 December 2012

http://www.steelguru.com/international_news/GMS_report_on_ship_breaking_industry_for_WEEK_50_2012/295584.html