After gorging on large tonnage in recent weeks, including five VLOCs, Pakistani shipbreakers appear to be content with snacking on smaller vessels while they digest their larger purchases.
Cash buyer GMS reported that after enjoying a near monopoly on purchases, Pakistan’s most recent haul indicates a shift to smaller vessels at more moderate prices.
“It may be that Gadani recycling yards are starting to fill up and that sentiments/prices/demand are finally starting to cool off locally, after what has been a largely impressive monsoon performance from this market,” GMS said.
