SIMIC

THE outlook for world shipbreaking is looking positive as a happy consensus develops in the industry, reports Hellenic Shipping News Worldwide.

"It was a strong week for Indian breakers as five vessels are committed for recycling, totaling over 40,000 Ldt," said an Allied Shipbroking note.



"The US$535/Ldt for the Catherine Bright appears to be above the market rate and could be a consequence of end buyers competing to secure tonnage ahead of next week," said Allied.



Only one containership sale was reported over the past week, although the dramatic declines in third quarter earnings reported by the major liners.



"Their pessimistic accompanying statements, should help deliver a steady stream of vessels to breakers, particularly if the market weakness persists throughout the year," said Allied.



"Domestic markets in all three Indian sub-continent regions have seen stability return [and] shipowners see that the price levels are not reaching their expectations. Overall, a quiet period has descended upon the market," said shipbrokers Clarkson Platou Hellas.



Said Dubai-based GMS: "Pakistan is starting to see some buying interest as the currency continues to depreciate once again; in that, as vessels get increasingly expensive, local steel plate prices would eventually have to firm to keep local business viable, and this lend recyclers encouragement on selling at workable levels in the near future."