In order to enhance its fleet size for meeting local demands, Pakistan National Shipping Corporation (PNSC) plans to conclude the induction of two oil-carrying ships by the mid of 2019, confirmed official sources.
These ships, called oil tankers, are estimated to be purchased at a cost of $40 million in accordance with the market prices under the given deadline and allocated budget. In this regard, the national flag carrier received quotes from international companies but it is yet to finalize the ships, which will not be brand new but modern and refurbished vessels.
The purchase of these oil-carrying vessels by the PNSC should help meet the spiraling shipment demand of oil products in the country because of the rising consumption and imports of MOGAS or petrol.
The national flag carrier will induct these vessels, called LR-1 tankers, without any government grant or monetary assistance but from its own financial resources and bank loans, an official said.
At present, there are nine ships PNSC fleet including five bulk carriers and four oil tankers. PNSC operates 4 modern double hull Aframax tankers with a capacity of 107,000 DWT. It has transported approximately 80 million tonnes of crude oil since 1998 – when it started tanker operations.
PNSC is engaged in providing carriage services to clients including Pakistan State Oil Company Limited (PSO), National Refinery Limited (NRL), Pakistan Refinery Limited (PRL), and Pak Arab Refinery Limited (PARCO).
PNSC intends to engage its managed dry bulk carriers in the transportation of domestic cargo of Pakistan and anticipated coal transportation in the backdrop of upcoming coal-fired power plants.
Furthermore, with the increasing demand of LNG in the power sector, PNSC is developing strategy and striving to enter into the LNG sector of the country to provide efficient sea transportation. Currently, all imports are being catered by foreign shipping companies.