KARACHI – It has been learned that the Pakistan National Shipping Corporation (PNSC) has sold two operational ships.
According to reports, the ship “Lahore”, a Cape One category vessel, was earning $27,500 per day under a contract at an Iraqi port.
The ship “Quetta” was generating about $12,000 daily through long-term contracts with Pakistani refineries.
Reports state that PNSC chartered an external ship, “Swan Lake,” for refineries at a monthly cost of $800,000, resulting in a loss of around $200,000.
Instead of being scrapped, the operational and profitable ships were bought by shipping companies. Their current freight market value is at least $40,000 per day.
Meanwhile, purchasing five ships for PNSC is pending approval with PPRA.
A PNSC spokesperson confirmed the sale process is ongoing, stating that the decision was approved by the board.
They claimed the ships were not profitable, and new ships will be purchased once permission is granted.
