GMS weekly report on CHINESE shipbreaking industry for WEEK 44 of 2011:

Bulkers Backfire!

Several vessels that had recently been reported as China sales were seen back in the market again whilst Chinese buyers firmly closed their doors for another week to new acquisitions.

The bulkers WIN GLORY 8,695 LDT) and XIN SHENG DA (7,586 LDT) were pushed around again having been reported sold in recent weeks and the Fujian owned bulker LUCKY OCEAN (5,437 LDT) was reported to be facing problems with the yard pulling out of the expected resale.

With levels on all types of vessel now well below USD 400/LT LDT, it is indeed troubling times for the Chinese market and it may be some weeks yet before we see the sales board once again filling up.

NO Market Sales Reported.

Source: (Sourced from GMS Weekly). 9 November 2011

http://www.steelguru.com/chinese_news/GMS_weekly_report_on_Chinese_ship_breaking_industry_for_WEEK_44/234689.html