PNSC subsidiary Quetta Shipping acquiring MR-II class tanker

KARACHI: Pakistan National Shipping Corporation (PNSC) has announced that its wholly-owned subsidiary, Quetta Shipping Company (Private) Limited, has signed a Memorandum of Agreement (MoA) to acquire an MR-II class tanker vessel, furthering the national fleet’s expansion under its ongoing modernization strategy.

According to a material disclosure submitted to the Pakistan Stock Exchange (PSX) on Wednesday, the subsidiary will purchase a vessel named M.T. Stavanger Poseidon, which has a deadweight tonnage (DWT) of 50,000 tonnes.

The development comes just days after the Board of Directors of PNSC approved the acquisition of three vessels worth $193.115 million in a bid to increase the national fleet to 30 ships by 2026. The approved acquisitions include MT Lorex, to be renamed MT Karachi, and MT Nafsika, to be renamed MT Lahore, each valued at $74.5 million, along with MT Stavanger Poseidon, to be renamed MT Quetta, for USD44.15 million.

While the first two are Aframax tankers, the third, MT Stavanger Poseidon (MT Quetta), is an MR-II class vessel.

In addition, PNSC has initiated the procurement process for 12 more vessels, inviting bids for four LR-II, four MR-II, and four MR-I class ships. The corporation is currently reviewing bids and conducting technical evaluations as part of its broader fleet enhancement program.

According to industry sources, the government views the accelerated procurement initiative as a crucial step toward reducing reliance on foreign carriers for Pakistan’s energy and cargo transportation needs, while expanding the country’s shipping footprint in regional trade routes.

Copyright Business Recorder, 2025