Pakistan lagged behind both Indian and Bangladesh markets for another week, as they struggled to compete on prices with their sub-continent neighbors.
For that reason, they lost out on their share of the market tonnage and there was some doubt as to whether they could even compete with Bangladesh for those VLCCs on the market, once cleaning costs considered for hot works.
Demand remains healthy and buyers are certainly emerging for new units (particularly tankers gas free for man entry), but the currency continues to frustrate and prices are subsequently being held back as a result.
Source: steel guru. 19 November 2013