Pakistan National Shipping Corporation Acquires Aframax Vessel from Singapore

Pakistan National Shipping Corporation (PNSC) has acquired a refurbished Aframax vessel with a deadweight of 105,000 metric tonnes.

An official source told ProPakistani that the Japanese-manufactured oil tanker ship has been purchased from a Singaporean company. The ship will enhance the overall oil shipment capacity of the national flag carrier.

Another ship will be inducted into the PNSC fleet in the next ten days, according to official sources. The addition of one more vessel will increase the capacity of the national flag carrier to 1 million deadweight tonnage for the first time in its history through 13 ships in the fleet.

The vessels have been purchased at a level of under $43 million, whereas the current market value is $58 million. This has been possible due to a timely decision by the management by locking in the price three months ago while market value has increased substantially since then.

Despite the prevailing unfavorable macroeconomic conditions in the country, the Pakistan National Shipping Corporation (PNSC) Group managed to achieve an 18 percent increase in profit after tax in the first six months of the financial year 2021-22 (FY22). The company reported a profit after tax of Rs. 1.423 billion during the said period as against Rs. 1.204 billion in the corresponding period last year.