Quetta Shipping Company (Private) Limited, a wholly owned subsidiary of the Pakistan National Shipping Corporation (PNSC), has signed a Memorandum of Agreement (MoA) to acquire an MR-II class tanker vessel.
PNSC, in its notice to the Pakistan Stock Exchange (PSX) on Wednesday, said an agreement has been signed to purchase a vessel named M.T. Stavanger Poseidon, “with a deadweight tonnage (DWT) of 50,000 tonnes”.
Days ago, the Board of Directors of PNSC approved the acquisition of three vessels costing $193.115 million in a bid to expand the national fleet to 30 by 2026.
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, to be renamed MT Quetta, for $44.15 million.
The first two are Aframax tankers, while the third is an MR-2 class vessel.
Moreover, PNSC initiated the procurement process for 12 additional vessels, issuing tenders for four LR-2, four MR-2, and four MR-1 class ships. The corporation is currently reviewing bids and conducting technical evaluations as part of its broader fleet enhancement program.
The government believes that the accelerated procurement process will help the country expand its shipping footprint and reduce reliance on foreign carriers for energy and cargo transport.
