The Pakistan National Shipping Corporation (PNSC) has finalised $135 million financing deal with a leading foreign ABN-Amro Bank for acquisition of three vessels as a part of national flag carrier's fleet expansion plan, it is reliably learnt.
The new vessels includes two double-hull oil tankers of 'Aframax class' and one bulk carrier of 'Panamax class', but the Corporation is considering delaying the purchase of bulk carrier amid declining trend of tonnage (ships) in the international market.
The vessel acquisition plan would cost an amount of $150 million, of which $135 million has been arranged through financing from ABN-Amro Bank, while remaining amount of $15 million would be provided by the Corporation from its own resources.
In this regard, Prime Minister Shaukat Aziz has given go-ahead for the purchase of vessels.
Sources told Business Recorder that the Corporation obtained necessary approvals from the federal government that also appreciated the plan and it is expected that these vessels would be inducted into the fleet in the financial year 2006-07. The national flag carrier have to replace its ageing oil tankers as one of its oil tankers would be out of business under restrictions of Condition Assessment Scheme (CAS) of International Maritime Organisation (IMO) in 2007, while another three tankers would fall under the same in 2010.
Lack of adequate fresh tonnage (new ships) due to financial constraints has resulted in gradual deterioration of the PNSC fleet in terms of age profile and unless the trend was reversed, foreign vessels would grab a bigger chunk of the country's seaborne trade, the source said. The age profile of the fleet, however, is gradually deteriorating as in terms of dead-weight tonnage (DWT), over 62 percent of the fleet of 15 ships with about 636182 DWT is over 26 years old, while remaining 38 percent is 18 to 23 years old.
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