Ship recyclers in Pakistan have made a comeback in the market, buying two bulkers in the first demolition deals of any significance for the country since January.
Reported sold to recycling facilities in Gadani over the past week were Yongning Shipping of China’s 48,100-dwt Yong Ning (built 1996) and Larus SA of Greece’s 75,300-dwt Sotiria (built 1997).
Cash buyers and demolition brokers said the deals were made possible because several Pakistani banks were able to open letters of credit for recycling deals following the lifting of restrictions on non-essential imports.
