PNSC acquires third bulk carrier

Acquisition part of fleet development plan.

KARACHI: Pakistan National Shipping Corporation (PNSC) has acquired its second Panamax, named Malakand, for its subsidiary company Malakand Shipping (Private) Limited.

Motor vessel Malakand, the third bulk carrier for PNSC, was handed over to the corporation at the outer anchorage of the Port of Dalian, China, a press statement informed on Tuesday.

The vessel has a gross tonnage of 40,040 with a length of 225 metres and breadth of 32.2 metres. It has been purchased from Nafmar Maritime Limited of Marshal Island, a subsidiary of Target Marine SA, Greece.

The acquisition of ships was part of PNSC’s fleet development plan funded by a $70 million commercial loan which PNSC acquired from a consortium of banks without government guarantee. MV Malakand was bought for $39 million. These additions have increased PNSC’s total deadweight capacity (carrying capacity) to 565,319 tons.

PNSC is presently engaged in inducting modern tonnage into its fleet. The planned acquisition of ships in the five year (2010 –2015) development plan is primarily based on modern and competitive tonnage with a view to serving sea-borne trade as well as providing competitive shipping services for world trade.

Published in The Express Tribune, December 29^th, 2010.