GMS weekly report on Pakistan shipbreaking industry for WEEK 21 of 2011:

As the unfolding calamities of the Indian and Bangladeshi markets readied the ears of Pakistani recyclers, activity and demand from Gadani found well justified reasons to dry up. Having enjoyed a recent healthy binge on favored units, the need was not quite so pressing for local recyclers, to fill their yards with vessels pre or post-budget delivery.

Even though the annual budget had been put back by a week from May 27th to June 3rd 2011 the response to the additional free time was decidedly muted, with many content to just wait and watch. Finally, as the Indian market corrects itself after months of intense activity, it is very likely that Pakistan will do likewise and a new reality on prices over the summer months should therefore be forthcoming.

Source: Steel Guru (Sourced from GMS Weekly). Tuesday, 31 May 2011

http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_21/207630.html