Very few end buyers were even willing to offer on tonnage whilst the current situation remains precarious, GMS said in its weekly report.
Pakistani Buyers were also making low offers, as expected but to no avail as cash buyers were not willing to entertain such figures from the increasingly beleaguered Gadani market.
We have heard nothing but tales of woe from Pakistan for some time now. For example, the 10% duties imposed in the 2018 budget, the lack of cutting permission, and the currency depreciation being the primary complaints, GMS said.
Meanwhile, the initial batch of tankers beached in Pakistan were inspected by local authorities last week and permissions went to Quetta so that the green light to commence cutting activities can finally be given.
Moreover, the political situation in Pakistan has been rather unsteady and a new government is expected to be sworn in before the end of the month, hopefully bringing some much-needed stability to the country.
Bangladesh therefore remains the most reliable and steady of the sub-continent markets for another week and it was unsurprising to see a majority of cash buyer unsold vessels heading towards Chittagong shores.
Another FSU/VLCC was committed last week, taking the total number sold so far this year, to over 30.
At the opposite ends, China and Turkey remain in the same place as the previous week with little to report from these markets, GMS concluded.
Elsewhere, a fire which broke out on board a VLCC at a shipbreaking yard in Gadani, Pakistan, on 16th July has been brought under control.
Pakistani authorities evacuated the workers and there are no casualties reported, a spokesperson of NGO Shipbreaking Platform told media representatives.
Several workers were trapped inside the ship, but rescuers managed to save them, according to an update from the local news site Dawn.
The incident occurred at plot 116 where the former German VLCC ‘Ada’ is being dismantled. The ship, which was part of DS Tankers’ fleet, arrived at Gadani in early May of this year, according to the NGO.
Brokers reported the sale of the 1999-built VLCC ‘Jade Prosper’ to Bangladesh interests for $420 per ldt, ‘as is’ Malaysia, gas free, with 400 tonnes of fuel ROB.
The 1993-built Handysize ‘Pafos’ was also committed to undisclosed buyers, while the 1998-built Handysize ‘Dawn Dwarka’ was reported sold to Indian recyclers.