The Pakistan National Shipping Corporation (PNSC) has acquired an Aframax vessel with a 105,000 metric ton deadweight.
An official source informed that a Singaporean company had bought the Japanese-built oil tanker ship. The ship will increase the national flag carrier’s overall capacity for oil shipment.
In the next ten days, one more ship will be added to the PNSC fleet, according to government sources. The national flag carrier’s fleet will now have 13 ships, bringing its total capacity to 1 million deadweight tons for the first time in its history.
The vessels have been purchased at a level of under $43 million whereas the current market value is $58 million. This has been possible due to a timely decision by the management by locking in the price three months ago while market value has increased substantially since then.
Despite the negative macroeconomic conditions that are currently in place in the nation, the Pakistan National Shipping Corporation (PNSC) Group was able to improve its profit after taxes by 18% in the first half of the fiscal year 2021–2022 (FY22). In comparison to the same period previous year, the company reported an after-tax profit of Rs. 1.204 billion for the said period, or Rs. 1.423 billion.