Lahore: Bangladesh finally has a rival in the ship breaking stakes. After close to 18 months of near total control, Bangladesh is waking up to increased competition from Pakistani breakers.
Last week for instance Pakistanis bought the 38,700 dwt Athenian Freedom for $465 per ldt and the 37,700 dwt Laertis for $470 per ldt.
Notes Clarkson Asia in its latest weekly market report: 'Although there is a bit further to go before the Gadani based buyers reach the US$490/ldt high that the Bangladeshis reached last year, they are now the most competitive buyers in the market and offer the owners of tonnage open in either the Med or AG a real alternative to Bangladesh, plus the obvious savings from not having to perform the additional ballast voyage to Chittagong.' [26/03/07]
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