GMS weekly report on PAKISTAN shipbreaking industry for week 52 of 2011:

Christmas holidays seem to have gone unnoticed in Pakistan as deliveries and enquiries continue throughout the festive period. It is turning out to be a record year for Gadani buyers who have seen their shores fill with (for the most part) vintage tonnage as India has struggled with extreme fluctuations of late and Bangladesh has remained closed for months on end.

Whilst rarely flying out in front of their Indian counterparts, Pakistan does seem to be relatively reliable at present with the currency crisis really affecting many end buyers in Alang and their abilities to play fair upon delivery.

Gadani buyers have seen little reason to ignore the Indian crisis however and have consistently pegged their numbers below or at the same level to their competitors so as to secure their fair, but perhaps not overwhelming, share of the tonnage.

Source: Steel Guru (Sourced from GMS Weekly). 3 Jan 2012

http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_Week_52/243862.html