GMS weekly report on PAKISTAN shipbreaking industry for WEEK 31 of 2011:

Some renewed aggression from Pakistan buyers saw them pick up one or two market units in their favored tanker category as if determined not to lose any more vessels to their Indian competitors.

It had been a frustrating few weeks before that with simply no competing on market tonnage with a fired up Indian market. Indeed several tankers, traditionally though to be certainties for Pakistan, given their gas free for man entry status, were actually cleaned to hot works standards in order to receive top dollar in India.

Nevertheless, it seems certain now that Pakistan will be determined to add to their recent successes with several more purchases and a renewed aggression before the quieter month of Ramadan approaches.

Source: Steel Guru (Sourced from GMS Weekly). 10 august 2011

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