PNSC to buy three vessels to expand fleet

The board of directors of Pakistan National Shipping Corporation (PNSC) has approved the procurement of three additional ships at a cost of $193 million to add to the national fleet.

The minister for maritime affairs has given directives to ensure the procurement of vessels by 2026. The PNSC board is targeting to expand the fleet to 30 ships in 2026 by purchasing more vessels.

In a statement, the Ministry of Maritime Affairs said that PNSC had accelerated the procurement of new vessels. "PNSC has moved to fast-track its vessel procurement process following directions from Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, as part of efforts to expand the national fleet to 30 ships by 2026," it said.

During a briefing on Friday, the PNSC management informed the minister that the corporation's fleet expansion plan was progressing steadily, with key procurement nearing completion stages. Officials said the PNSC board had earlier approved the purchase of three secondhand Aframax and MR-2-class oil tankers, and evaluation and due diligence had been completed in accordance with public procurement regulations.

In its most recent session, the board approved the acquisition of three vessels – MT Lorex, which would 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.

The PNSC management is now in the final phase of negotiations with vessel owners. Legal and commercial formalities are expected to conclude soon, after which contracts will be signed. Delivery of the three tankers is scheduled for late December 2025.

In parallel, PNSC has initiated the procurement process for 12 additional vessels by issuing tenders for four LR-2, four MR-2 and four MR-1-class ships. It is currently reviewing bids and conducting technical evaluation as part of the broader fleet enhancement programme.

The maritime affairs minister reiterated the government's commitment to strengthening the maritime logistics capacity and emphasised that the accelerated procurement process would help the country expand its shipping footprint and reduce reliance on foreign carriers for energy and cargo transportation.

So far, PNSC, the country's national flag carrier, has expanded its fleet from 10 to 12 vessels with the addition of two Aframax-class tankers – Swan Lake and P Aliki.

The maritime ministry has emphasised PNSC's vital role in transporting crude oil and petroleum products, noting Aframax tankers, ranging from 80,000 to 120,000 deadweight tonnes, are favoured globally for their ability to access ports inaccessible to large and very large crude carriers. This expansion is expected to boost Pakistan's capacity to efficiently handle rising energy imports.

Currently, freight payments to foreign carriers cost Pakistan an estimated $4.6 billion annually. By carrying more cargo on its own vessels, PNSC aims to save significant foreign exchange, increase revenue and bolster energy security.