PNSC invests $60 million to buy two ships

Pakistan National Shipping corporation purchase two ships oil-tanker
PNSC Invests $60 Million To Buy Two Ships

Karachi, April 25, 2019: Pakistan National Shipping Corporation (PNSC) has invested a handsome amount of $60 million to purchased two oil-tanker ships to enhance its shipping operations for the purpose of oil imports.

According to the official sources, the national flag-carrier acquired two refurbished oil-carrying vessels recently at the cost of $30 million each.

The purchase of the ship is part of the PNSC plans to enhance its fleet in the current financial year 2018-19. The company had acquired another oil-tanker vessel, Bolan (MoGas Carrier LR-1) in the previous month at the same cost.

The addition of these oil-carrying vessels by the PNSC should help meet the spiraling shipment demand of oil products in the country because of the rising consumption and imports of MoGas or petrol.

The investment is one of the major step of the company to grow its operations and businesses. These ships will earn foreign exchange for the country saving expenses of freight to the national exchequer.

At present, there are nine ships PNSC fleet including 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 tonnes of crude oil since 1998 – when it started tanker operations.

PNSC is the major shipping service of oil products to Pakistan State Oil Company Limited (PSO) and crude oil to National Refinery Limited (NRL), Pakistan Refinery Limited (PRL), and Pak Arab Refinery Limited (PARCO).

The company has set out its strategy by diversifying its existing business base and engaging its managed vessels for transportation of current and anticipated domestic cargo.