Pakistan adds two more oil tankers to PNSC fleet

KARACHI: The Pakistan National Shipping Corporation (PNSC) has inducted two more $60 million Aframax oil tankers to strengthen its oil transportation fleet, officials confirmed on Thursday.
“Pakistan has added two double hull Aframax (Average Freight Rate Assessment) oil tankers to its existing fleet at the cost of $60 million,” Mahmood Moulvi, Adviser at the Maritime Affairs Ministry, told Arab News on Thursday.
With the addition of two tankers, the existing fleet has reached six oil tankers. The vessels provide a shuttle service from the Middle East and Gulf (MEG) ports to Pakistan for the country’s oil industry.
The PNSC has also extended its outreach to other regional markets by transporting crude oil to destinations like Singapore, Kenya, Sri Lanka, Thailand and Bangladesh, in addition to meeting national trade requirements.
Pakistan pays around $4 billion annually on account of freight and is currently in the process of opening its waters to foreign shipping companies with Pakistani flags.
“We will pay them in rupee instead of dollar to lessen the burden on our foreign exchange reserves,” Moulvi said, adding that the “government is willing to grant first right of refusal to all shipping lines that carry Pakistani flag.”
Shipping stakeholders believe that Pakistan offers plenty of opportunities to new comers in the shipping business due to substantial inbound and outbound cargo volumes, though it needs a comprehensive policy that is properly implemented.
 “We talk about conducive business environment but we need a comprehensive maritime policy that provides level playing field to all market players. The existing policy is around 15-year-old. It does address some modern issues but is not fully implemented,” Chairman of All Pakistan Shipping Association Aasim A. Siddiqui told Arab News.
However, Moulvi said that the policy review was in its final stages and would provide “maximum benefit to Pakistani ship-owners.”