GMS weekly report on Pakistan ship breaking industry for WEEK 15 - 19 Apr, 2011

In keeping with their competing neighbors, the recycling industry saw Pakistani Buyers moderately firming tip their levels this week as well. As such, a combination of strong prices and milder gas free requirements resulted in Gadani recyclers walking away with VLCC TULIN this week. While price remains unconfirmed at this stage, levels are expected to be region USD 325 per tonne to USD 330 per tonne.

Pakistan has managed to keep a close second to the market leaders and this has helped them keep their scoreboard puttering along over the recent past. Even the recently concluded high priced deal of bulker SOTTRIA at USD 512 per tonne with India and Pakistan delivery option in Buyer's choice saw Cash Buyers better an offer out of Pakistan and the vessel was eventually delivered here.

While Pakistan may not always be competitive on the dry side, Bangladesh's recent tightening of GAS FREE for HOT WORKS requirement may now mean that Pakistan could well become the go to choice for wet tonnage.

Source: SteelGuru. (GMS Weekly.com)

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