GMS weekly report on Chinese shipbreaking industry for WEEK 20 of 2011

China showed some faint signs of a return to form this week after the previous few weeks of anxiety saw some altogether softer levels on show.

However it now appears clear that decent dry vessel are selling for USD 450/LT LDT and above with tankers going for some USD 15-20 higher with the right, attractive specs.

To this end, the saga of the capsize bulker SEALINK MAJESTY (24,184 LDT) finally came to an end with the Korean mortgagee bank selling to one yard close to Shanghai. She had been previously committed to several cash buyers who intended to take her over as is (with some 300 T IFO remaining on board) for a voyage to the Indian sub continent before owners declared her not seaworthy for a voyage that far.

In news for Turkey, the 4,320 LDT bulker PELLA found buyers at LJSD 342/LT LDT as activity and levels began picking up in the area.

Market sales reported

Vessel Name  Type      LDT         Reported Price

LEVAXTES      Bulker    5,814       USD 463/LT LDT

SEALINK MAJESTY       Bulker      24,184        USD 455/LT LDT

Source: SteelGuru (Sourced from GMS Weekly). Tuesday, 24 May 2011

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