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Pakistani scrappers pay top rate as market stays quiet.

Europe Intelligence Wire

| November 01, 2004 | COPYRIGHT 2004 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Lloyds List)

IT HAS been another quiet week for the demolition market, with global freight rates in all segments of shipping showing no signs of coming down and shipowners succumbing to the temptation of squeezing a few more dollars out of their aged vessels, writes Shirish Nadkarni.

With very little tonnage being offered to shipbreakers, just four deals have been struck in the last week of October at rates that were fairly moderate, compared with the $400-plus per ldt we consistently witnessed until a few weeks ago.

The week's top price of $363 per ldt was surprisingly paid by Pakistani buyers for the 6,815 dwt, 1970 Italy-built gas tanker Punta Ancon, which yielded 2,506 ldt.

A rate of $355 per ldt was paid by US cash buyers for 1,841 ldt of the 2,950 dwt, 1979 Norway-built LPG tanker Helen, on 'as is Singapore' basis, for resale in India.

Ancient passenger ferry Universe Explorer, which had been running for well over four decades, was finally put on the scrapping block and sold on 'as is Hong Kong' basis for delivery in India. The 8,706 dwt, 1958 US-built vessel fetched $351 per ...

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