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GMS weekly report on Indian ship breaking industry for WEEK 46

Steel News - Published on Tue, 23 Nov 2010

As Diwali and Eid holidays reached their conclusion, it was back to business as usual for the Indian market, with sentiment remaining healthv in what has been a bullish end to the year so far.

As Pakistan have come back into the picture and Bangladesh have begun to beach a few units (although a full market reopening it most certainly is not), India may not have had it all their own wav of late. However, they still managed to pick up their share of the market tonnage, with two more units scheduled to head their wav from this week.

ODFJELL continued their clear-out of older tonnage as the BOW PANTHER (9,563 LDT) found a buyer for a two month forward delivery at basis January 2011 cancelling. Its destination will be a fully approved green recycling facility in Alang and the vessel fetched a very firm price region USD 4S0/LT LDT, thanks to 70 tonnes of stainless steel in deck and cargo lines, along with the generally excellent condition of their vessels, which ensured the premium price.

Unless some unmediate and positive solution can be found with regards to Bangladesh, it is sure to be a busy end to the year for all concerned with Indian buyers as usual, welcoming all types of vessels and for the time being at least, at strong levels.

Posted By : admin on Tue, 23 Nov 2010
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