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GMS update on Shipbreaking in Pakistan in Week 2 - EXCEPTION TO THE RULE!

Steel News - Published on Wed, 17 Jan 2018

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The Pakistani market is still reeling from last week’s sale of the Capesize bulker ENTERPRISE, for an extraordinary and highly speculative USD 495/LT LDT.

The vessel of course (and expectedly) remains unsold to a Recycler, with the relevant Cash Buyer hoping that prices somehow / miraculously come up by at least another USD 25 to USD 30/LDT in the week ahead, in order to avoid taking a massive hit on this incredibly speculative purchase.

On the back of this sale, several Ship Owners are now testing the market at similar levels for their potential candidates without much luck resulting in a no market sale for the week and it does appear that this will be a one off sale for the time being an exception to the pervading rule of a far lower market reality.

GMS Weekly

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Posted By : Rabi Wangkhem on Wed, 17 Jan 2018
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