Pakistan National Shipping Corporation (PNSC) Acquires Clean Product Tanker For $30 Million

Pakistan National Shipping Corporation (PNSC) has acquired a ship at the price of US $30 million, aimed at meeting increased demand for shipping services in the country

ISLAMABAD, (UrduPoint / Pakistan Point News - 26th Apr, 2019 ):Pakistan National Shipping Corporation (PNSC) has acquired a ship at the price of US $30 million, aimed at meeting increased demand for shipping services in the country.

According to the official sources, 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 current price of the same vessel is now $31 million in the international market.

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

Currently, all imports are being catered by foreign shipping companies. In long term the ultimate object of corporation is to enhance and maintain deadweight carrying capacity of over 1.5 million tons by 2025, the sources added.

The national flag carrier 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.

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

At present the PNSC's fleet has 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 tons of crude oil since 1998, when it started 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).

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.