PNSC invites bids to procure three second-hand vessels

KARACHI, January 25: : The Pakistan National Shipping Corporation (PNSC) will procure three second-hand Aframax tanker vessels, while offers had already been sought from shipbrokers enlisted with Baltic Exchange, an official said.
An Aframax vessel is an oil tanker with a deadweight between 80,000 and 120,000 tonnes. The term is based on the Average Freight Rate Assessment, a tanker rate system created in 1954 by Shell Oil to standardise shipping contract terms.
An official said that the PNSC was expanding its customer base in the tanker segment. “Due to their favourable size, Aframax tankers can serve most ports in the world.”
“These vessels serve regions that do not have very large ports or offshore oil terminals to accommodate very large crude carriers and ultra-large crude carriers. Aframax tankers are optimal for short-to medium-haul crude oil transportation,” he added.
Presently, the PNSC has six tankers including Khairpur, Bolan, Quetta, Lahore, Karachi and Shalamar. The Corporation also has five bulk carriers including Chitral, Malakand, Hyderabad, Sibi and Multan.
An official said that during the first half of FY2020/21, the business momentum accelerated while overcoming the challenges posed by the second wave of Covid-19 pandemic, which had an adverse impact on global economic growth, including Pakistan.
“The State Bank of Pakistan (SBP) has taken a host of measures to dilute the impact of the pandemic, including cut in interest rates and introduction of refinance schemes,” the official said.
“This act of the SBP has created an opportunity for the Corporation to expand its managed fleet portfolio with the availability of cheaper financing in the form of Long Term Financing Facility (LTFF),” he added. – TLTP