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