GMS weekly report on Pakistan ship breaking industry for WEEK 8 of 2011:

With fewer of their preferred candidates on the market, Pakistani buyers are having to turn their attentions to dry bulk and have secured several units in recent times to this effect.

Even when presented with the chance to buy those rare tankers available, Pakistani buyers perhaps underestimated the abilities of their Indian competitors given the current state of the market there and have as a result missed out on three prime vessels in the past few weeks.

The bulker BRIGHT STAR was one sale to register from the same owners as the recently committed and beached SEASTAR as owners looked to take advantage of the slightly firmer levels in comparison with India.

However, as Bangladesh continues to remain closed and China keeps up their recent resurgence buyers may be expected to step up on the levels and the offering in order to secure their share and take the pressure off the heavily burdened Indian market.

Source: SteelGuru (Sourced from GMS Weekly). Tuesday, 22 Feb 2011

http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_8/192210.html