As the lowest placed
Indian sub-continent market at present, it was discouraging for Gadani end
buyers to see even their favored tankers head to Indian shores. Yet the demand
to acquire new units from domestic yards is almost non existent, due to very real
concerns that new taxes or duties may be imposed in the upcoming budgets in
early June.
As a result, very few
buyers are even offering on new tonnage, simply choosing instead to wait and
watch and hope for the best ahead of the budget announcement. Therefore to the
disappointment of many and indeed the frustration of cash buyers, several vessels
are being diverted to India.
This lack of
competitiveness will see Pakistan buyers miss out on a majority of the market
units and an improvement would likely be needed after the budget, just to
secure vessels once again.
Source: steel guru. 27
May 2013
http://www.steelguru.com/international_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_21/340066.html
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