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GMS Market Commentary on Shipbreaking in Pakistan in Week 23 - UNCERTAIN TIMES!

Steel News - Published on Wed, 13 Jun 2018

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It has been a fairly disastrous week in Pakistan, with an alarming currency depreciation to the tune of about 6%, declining from about PKR 115.50 to PKR 121 against the US Dollar.

Coupled with the looming 5% sales tax due to be imposed post July 1st (after the recent budget announcement), this will more than likely see local offerings for vessels, reportedly depreciate by over 10% in the near future.

As a result, it was hardly surprising to see local sentiments taking a beating, resulting in a no-sales week in Pakistan as well, as this market sunk to the lowest placed sub- continent location.

Of course, the silver-lining for Gadani Recyclers is the amount of tonnage occupying local yards after the recent reopening for tankers and the plethora of large LDT tankers and VLCCs delivered locally. However, with permissions for cutting these units yet to be granted and the political instability still reigning in the country with the interim government, the present does deliver its share of uncertain times for the Pakistani market.

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Posted By : Nanda Koijam on Wed, 13 Jun 2018
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