Pakistan National Shipping Corporation (PNSC), the country’s national flag carrier, has expanded its fleet from 10 to 12 vessels with the addition of two Aframax-class tankers, Swan Lake and P. Aliki, enhancing maritime and energy transport capacity.
The development was disclosed by PNSC Chief Executive Officer (CEO) Zarar Hussain during a meeting with Federal Minister for Maritime Affairs Junaid Chaudhry on Thursday, read an official statement.
Chaudhry highlighted that these new tankers increase the PNSC fleet to 12 ships, reaffirming the government’s commitment to strengthening the national shipping sector.
He further announced the ambition to grow the fleet to 20 vessels by year-end.
PNSC eyes $700mn freight earnings amid fleet expansion
He emphasised PNSC’s vital role in transporting crude oil and petroleum products, noting Aframax tankers, ranging from 80,000 to 120,000 deadweight tonnes, are favoured globally for their ability to access ports inaccessible to larger Very Large Crude Carriers.
This expansion is expected to boost Pakistan’s capacity to efficiently handle rising energy imports, he said.
It is pertinent to mention that an Aframax vessel is an oil tanker with a deadweight between 80,000 and 120,000 metric tonnes. The term is based on the Average Freight Rate Assessment (AFRA), a tanker rate system.
Acknowledging country’s dependence on imports for nearly 70% of its energy needs, largely crude oil and refined products, the maritime affairs minister on Thursday underlined that expanding the national fleet will decrease reliance on foreign shipping lines.
“Currently, freight payments to foreign carriers cost Pakistan an estimated $4.6 billion annually. By carrying more cargo on its own vessels, PNSC aims to save significant foreign exchange, increase revenue, and bolster the energy security,” he added.
The minister also noted that PNSC is actively pursuing new business prospects both domestically and internationally, as part of wider efforts to revitalise the maritime economy and enhance supply chain resilience against external shocks.
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