GMS weekly report on Pakistan ship breaking industry for WEEK 16 of 2011:

After the recent heavy binge on units at very firm levels, Pakistani buyers retreated somewhat in the face of an increasingly aggressive Indian market. The levels and demand softened significantly in Pakistan with most of the major buyers satisfied with their most recent acquisitions.

Moreover, with Bangladeshi recyclers also close to fulfilling their capacity the focus is now expected to switch back to the market of the moment ie India as well as the improving Chinese yards.

Favored tankers will still find buyers in Pakistan with the gas free for man entry only requirement has been proving a big positive for owners and cash buyers alike when deciding where to send their wet tonnage to.

Source: SteelGuru. (GMS Weekly.com). Tuesday, 26 Apr 2011

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