GMS weekly report on Pakistan ship breaking industry for WEEK 18 of 2011:

With many local buyers having satisfied their appetite to buy in the last few weeks, capacity has been at a premium recently with much of the market tonnage heading to their Indian neighbors.

Two VLCCs have recently been reported as being in the advanced stages of negotiations, one reportedly being the sister to the Tulin, TMT'S D ELEPHANT. While the sale was not confirmed, Pakistan seemed to be final destination in consideration.

At the time of writing, reportedly a third VLCC was under negotiation for the Pakistan market as the single hullers continued their phase out before the 2015 deadline. Gadani may now be the market of choice for the VLs with both Bangladesh and India requiring hot works certification as opposed to easier man entry only requirements in Gadani.

Source: SteelGuru (Sourced from www.gmsweekly.com).  Tuesday, 10 May 2011

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