Pakistan to expand shipping fleet with two new oil vessels

Pakistan’s national shipping company will acquire two new oil vessels as part of its efforts to expand the country’s fleet.

In an announcement, the Pakistan National Shipping Corporation (PNSC) said its two subsidiaries — Karachi Shipping (Pvt.) Ltd. and Lahore Shipping (Pvt.) Ltd. — have signed an agreement to acquire two Aframax-class oil tankers.

Aframax is a global classification used to describe oil tankers, according to the U.S. Energy Information Administration (EIA). Aframax vessels weigh between 80,000 and 120,000 deadweight tons.

The vessels — MT LORAX and MT NAFSIKA — have deadweight tonnages (DWT) of 109,990 and 112,051 tonnes, respectively, the company said in a notice to the Pakistan Stock Exchange (PSX).

The tankers will be renamed MT Karachi and MT Lahore following the acquisition.

The move is part of a broader plan approved by PNSC’s Board of Directors on Friday to purchase three vessels worth $193.1 million. The goal is to expand Pakistan’s national shipping fleet to 30 vessels by 2026.

The three vessels approved for purchase include two MT LORAX and MT NAFSIKA, each costing $74.5 million and one MR-2 class vessel, MT STAVANGER POSEIDON, which will be renamed MT Quetta, purchased for $44.15 million.

The corporation said due diligence and evaluation for the acquisitions have been completed in accordance with public procurement regulations.

According to Marine Traffic, an online vessel tracking website, MT LORAX sails under the flag of the Bahamas. Its length is 237 meters and its width 44.04 meters. MT NAFSIKA, with the same dimensions, sails under the flag of Portugal.

Pakistan has issued tenders for the purchase of 12 additional ships to increase the fleet size to 30. The expanded fleet will help Pakistan reduce reliance on global freight companies and ensure lower transportation costs.