LAHORE: The Pakistan National Shipping Corporation (PNSC) has completed the sale of two aging vessels, MT Lahore and MT Quetta, after they reached the end of their 20-year operational lifespan.
The decision was approved by the PNSC Board of Directors on February 26, 2025, with the corporation formally notifying shareholders through the Pakistan Stock Exchange (PSX).
“The Board of Directors of below wholly owned subsidiary companies of Pakistan National Shipping Corporation approved / signed the Memorandum of Agreement for sale of their respective Aframax Crude Oil Tankers,” read the notice sent to the PSX.
Aframax vessels are named after the Average Freight Rate Assessment (AFRA) system, which was developed by Shell Oil. These oil tankers have a capacity of under 120,000 deadweight tonnes. Their typical dimensions range from 200 to 250 meters (656 to 820 feet) in length and 32 to 44 meters (105 to 144 feet) in width.
The two vessels were owned by PNSC’s subsidiaries, Lahore Shipping Private Limited and Quetta Shipping Private Limited.
The sale aligns with international maritime regulations that restrict older vessels from accessing multiple ports and oil terminals in the UAE and Saudi Arabia. PNSC has stated that in order to sustain its fleet’s capacity, it plans to acquire new ships to replace those sold.
