PNSC Subsidiary Signs Deal to Acquire MR-II Tanker as Part of Fleet Expansion

Quetta Shipping Company (Private) Limited, a wholly owned subsidiary of Pakistan National Shipping Corporation (PNSC), has signed a memorandum of agreement to acquire an MR-II class tanker, as part of the country’s broader push to expand its national shipping fleet. In a notice to the Pakistan Stock Exchange on Wednesday, PNSC said the agreement covers the purchase of the M.T. Stavanger Poseidon, a vessel with a deadweight tonnage of 50,000 tonnes. The deal follows a recent decision by PNSC’s board to approve the acquisition of three vessels totaling $193.1 million, aiming to grow the national fleet to 30 ships by 2026. The board approved the purchase of MT Lorex (to be renamed MT Karachi) and MT Nafsika (to be renamed MT Lahore) for $74.5 million each, 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-II class vessel. PNSC has also initiated the procurement process for 12 additional ships, issuing tenders for four LR-2, four MR-2, and four MR-1 class vessels.