GMS weekly report on Pakistan ship breaking industry for WEEK 5 of 2011:

Caution may have been the watchword for the week for Pakistani buyers as they surveyed market movement in both China and India, choosing to bid only on those units that caught their eye.

With very few of the desired larger wet units on the market, local buyers have instead had to switch their focus to dry and specialist vessels such as the 56,000 LDT FPSO MAXUS WIDURI, which was recently committed to one keen buyer for levels approaching USD 500/LT LDT (quite some outlay for a unit expected to take at least 6 to 8 months to cut).

As levels cool somewhat in India, so too have Pakistani buyers adjusted their numbers, preferring to ape their competitors rather than leading the way once again.

Source: SteelGuru (Sourced from GMS Weekly). Tuesday, 01 Feb 2011

http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_5/188838.html