Pakistan National Shipping subsidiaries sign agreements to acquire two Aframax tankers

Pakistan National Shipping Corporation (PNSC), the country’s national flag carrier, announced that its wholly-owned subsidiaries — Karachi Shipping (Pvt) Ltd. and Lahore Shipping (Pvt) Ltd. — have signed Memoranda of Agreement (MoA) to purchase two Aframax-class tankers.

The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

Karachi Shipping (Pvt) Ltd. and Lahore Shipping (Pvt) Ltd. — both subsidiaries of PNSC — have signed Memoranda of Agreement (MoA) for the acquisition of LORAX and NAFSIKA, with deadweight tonnages (DWT) of 109,990 and 112,051 tonnes, respectively.

The Board of Directors of PNSC on Friday approved the acquisition of three vessels costing $193.115 million in a bid to expand the national fleet to 30 by 2026.

During a briefing to the Federal Minister for Maritimes Affairs, Muhammad Junaid Chaudhry, the management of the said that it has moved to fast-track its vessel procurement process following directions from the federal minister.

The PNSC management informed the minister that the corporation’s fleet expansion plan was progressing steadily, with key procurement stages nearing completion.

Officials said that the PNSC Board had earlier approved the purchase of three second-hand Aframax and MR-2 class oil tankers, with evaluation and due diligence completed in accordance with public procurement regulations.

The Board approved the acquisition of three vessels: MT LOREX, which will be renamed MT Karachi, at a cost of $74.5 million; MT NAFSIKA, to be renamed MT Lahore, also for $74.5 million; and MT STAVANGER POSEIDON, an MR-2 class vessel to be renamed MT Quetta, for $44.15 million.