Iron ore shipment: PS gets over Rs 310 million insurance money

Pakistan Steel has received more than Rs 310 million insurance money, claimed after an incident which occurred in March this year in which a ship that was carrying 25.812 ton iron ore from India to Pakistan, sank in the sea in the limits of India, said a press release issued on Monday.
As per details, the ship, MV MIRACH, left India's loading port HALDIA and VIZAG on March 24, 2011 and was headed to Pakistan. On its course, the ship struck a rock in the sea and eventually sank as the hit developed a big hole in the structure and water made way into the vessel.
It is pertinent to mention that Pakistan Steel always insures the raw material which is imported. The iron ore on MV MIRACH was valued at almost 313.0 million rupees. The Acting CEO of Pakistan Steel, Wasif Mehmood, soon after the incident had got in touch with the Chairman of National Insurance Corporation and managed to get the claim.