Despite that, at least two FSU sales did manage to garner firmer numbers, GMS said in its weekly report.
Meanwhile, after filling up their plots with over 10 VLCCs from various cash buyers, Pakistan has slumped alarmingly of late.
A worrying currency depreciation to the tune of about 6%, coupled with the imminent imposition of the 5% sales taxes announced during the recent budget, hinted at a panic that seems destined to set into a previously bullish Gadani ship recycling sector.
Any further sales, especially those at numbers similar to the recently bullish levels, seem highly unlikely, at least in the near future.
Nevertheless, the Bangladeshi and Indian markets continued to impress with Chittagong buyers having awoken from their mid-summer lull and increasingly keen to acquire units once again.
The Indian market continued to dominate the market rankings with the strongest levels on offer.
The overall rise in local steel plate prices in India also saw Alang regain its position as the top placed sub-continent market – particularly for mid-sized specialist units, of which, there have been a number of fixtures of late, GMS concluded.
Brokers reported that the 2001-built VLCC ‘DS Vector’ was sold to undisclosed interests on private terms.
The two FSUs mentioned above were the 1996 built ‘Concord M’ sold to Bangladesh breakers for $448 per ldt on the basis of gas free for hot works, plus around 1,000 tonnes of fuel ROB and the 1993-built ‘Amity Star’ also sold to Bangladesh for $415 per ldt on the basis of ‘as is’ Singapore.
In addition, the 1995-built Suezmax ‘Guru Gobind Singh’ was reported sold to undisclosed interests for $423 per ldt on the basis of ‘as is’ Colombo.