PNSC Acquires Korean Tanker for $30 Million

Pakistan National Shipping Corporation (PNSC) has added a ship in its fleet worth $30 million, aimed at meeting the increasing domestic demand for shipping services in the country, according to the official sources.

The ship, known as a clean product tanker, is Korean made with a capacity of 75,000 DWT of LR-1 category. It was built in 2012, then reconditioned and upgraded in accordance with the requirements of the PNSC.

According to the official sources, the vessel has been purchased from PNSC’s own finances without any guarantee or loan from the federal government.

PNSC locked in the price at $30 million when the market was slow some months ago, however, due to the uptick in the market the prevailing price of the same vessel is now $31 million in the international market.

The purchase of the ship is part of PNSC’s plans to enhance its fleet in the current financial year 2018-19. The national flag carrier had acquired another oil-tanker vessel, Bolan (MoGas Carrier LR-1) in the previous month at the same cost.

The purchase of these oil-carrying vessels by the PNSC should help meet the shipment demand for oil products in the country because of the rising consumption and imports of MoGas or petrol.

These ships will earn foreign exchange for the country, saving freight expenses for the national exchequer.

At present, there are nine ships in PNSC’s fleet including five bulk carriers and six 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 operations.

PNSC provides 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).