KARACHI: The Pakistan National Shipping Corporation (PNSC) said on Monday it had purchased two Aframax oil tankers to expand its fleet, sending the company’s shares up seven percent on the Pakistan Stock Exchange.
The state-run carrier said in a filing that its subsidiaries, Karachi Shipping and Lahore Shipping, had signed agreements to acquire the MT Lorax and MT Nafsika, with deadweight tonnage of 109,990 and 112,051 respectively. Both vessels will be renamed MT Karachi and MT Lahore, and are expected to be delivered by December 2025.
“Wholly owned subsidiary companies of PNSC have signed Memorandum of Agreement for purchase of two Aframax tankers,” the company said in the filing.
The purchases are part of Pakistan’s broader plan to expand its national fleet to 30 ships by next year, following directives from the Maritime Affairs Ministry to accelerate vessel procurement and reduce reliance on foreign carriers for energy and cargo transport.
At about 2:09 p.m. Pakistan time, PNSC shares were trading 7 percent higher at Rs501.84 ($1.81) on the Karachi bourse after reports of the new acquisitions.
In a separate statement last week, Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry said PNSC’s board had approved the purchase of three secondhand Aframax and MR-2 class oil tankers after due diligence in line with public procurement rules.
He said the board approved the purchase of MT Lorax at $74.5 million, MT Nafsika at $74.5 million, and a third vessel, MT Stavanger Poseidon, for $44.15 million. Agreements for the first two vessels have been signed, while the third awaits final documentation.
“PNSC has initiated the procurement process for 12 additional vessels, issuing tenders for four LR-2, four MR-2, and four MR-1 class ships,” the ministry said, adding that bids were being reviewed as part of a broader fleet enhancement program.
“The accelerated procurement process will help the country expand its shipping footprint and reduce reliance on foreign carriers for energy and cargo transport,” the ministry statement quoted Chaudhry as saying.
