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GMS weekly report on India ship breaking industry for WEEK 48

Steel News - Published on Tue, 30 Nov 2010

As Pakistan finally picked up their efforts to be a competitive force once again in the ship recycling arena, India was left with a challenge to take home most of the market units on offer.

Whilst Indian buyers will always be relatively safe in picking up dry units - general cargo, tweens, MPPs, reefers, bulkers and the likes, it is on the wet front that they have started to lose out more (as proved this week with two more market sales to Gadani buyers who need only apply for the gas free for man entry certificate for inward clearance).

Nevertheless, the most significant sale of recent weeks was revealed as Belgian owners sold their Yugoslavian built aframax tanker PROMISE (19,637 LDT) \'as is\' Fujairah for an undisclosed figure. The country of build and size ensure she would have received a premium from local buyers, even for an \'as is\' deal (she had originally been mooted for an \'as is\' UK sale). Having been widely circulated since the summer, she appears to have gone relatively quietly to the cash buyer concerned and is due to arrive India shortly.

The other interesting deal for the week saw Greek owners sell the high spec bulker FEDON (9,425 LDT) for a level usually reserved for tankers at USD 470/LT LDT. The condition of the vessel along with size and country of build contributed to an abnormally high price that may leave one or two surprised (standard bulkers tend to receive USD 450/LT LDT in today\'s market).

(Sourced from GMS Weekly)

Posted By : admin on Tue, 30 Nov 2010
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