With India still struggling under the weight of currency
fluctuations and scrap steel price reversals, the Pakistan market was on hand
to pick up any excess that came their way especially for geographically
positioned vessels.
One tanker, the Glory Shipmanagement owned MT ATLANTIA
(9,621 LDT) -discharging in Pakistan was sold for an incredible USD 435 per LT
LDT. The strong price on show was due to full spares and good size however it
would still be considered highly speculative on today's market with very little
sign of imminent improvement in prices due.
A lack of capacity is still visible in Gadani though
with, surprisingly, very few buyers prepared to take a chance and strike out at
these lower levels on show.
Source: Steel
Guru (sourced from GMS Weekly). 1 August 2012
http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_30_2012/276322.html
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