GMS weekly report on INDIAN shipbreaking industry for Week 51 of 2011:

With the Indian rupee once again stuck in the mire against the US dollar once again for the week - the Indian Government finally stepped in, in an effort to arrest the slide temporarily and bring a touch of stability to the country (and the ship recycling sector).

The focus on the buying side seemed to switch more firmly to Pakistan where at least end buyers were offering and asking questions on vessels, as opposed to India, where interest appeared to be rapidly waning.

All of this despite the fact that MOL last week sold two more of their double hulled VLCCs (ORION TRADER 1998 Bit 42,137 LDT and OHMINESAN, 1996 Bit, 38,949 LDT) for guaranteed green recycling in WC India for a price of USD 470/LT LDT. This follows the sale of the first double hull VLCC (also MOL controlled) to be scrapped several weeks ago, the ATLANTIC LIBERTY, to the same green yard in Alang.

The one market sale to register for the week concerned the Freedom type bulker MYRA (4,357 LDT) fetching an abnormally high LTSD 465/LT LDT from one pluck}' cash buyer. Two of the sister vessels - FLORA S and MICHALIS K have also been scrapped this year in a move that appeal's to signal the end for this particular stable of imit.

On the other hand, 25,018 LDT Caper M/V GOOD LUCK appeared to have hit troubled waters when the vessel arrived the local market on the low end and has reportedly sailed away - the only evident sign of a possible attempt at a renegotiation that failed to reach an agreement between the two parties.

Source: Steel Guru (Sourced from GMS Weekly). 27 December 2011

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