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Scrap prices continue to soar

Scrap prices continue to soar

Hong Kong: Amid extremely tight supply of scrap tonnage the Bangladeshis continue to pay top dollar for anything available. Last week the Bangladeshis recorded the highest price for a vessel sold for scrap this year, at US$437/ldt. That price has now been bettered. Clients of Pleiades are reported by shipbroker Clarkson Asia to have sold their panamax tanker 'Alfios I' - a 63,000 dwt ship built in 1981 - for US$441.5/ldt  to Bangladeshi breakers. 'There can now be no doubt that the market is again firming as breakers - starved of tonnage - continue to compete aggressively for any available units,' Clarkson noted. Underlining this firming trend is the sale of the general cargo vessel 'Skyman'  - a 17,100 dwt ship built in 1977 for US$420/ldt, again to Bangladesh breakers. Previous levels obtainable for this type of vessel were well below $400/ldt until this week. Although India or Pakistan cannot compete with such levels, their markets have also firmed. Pakistani breakers have committed the general cargo vessel 'Aldona'  - 15,100 dwt, built 1983 - for $370/ldt, previously such a vessel would have seen no more than $350/ldt from either India or Pakistan.  [04/10/06]

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