Pakistan National Shipping Corp. to buy fourth tanker

By an OGJ Correspondent

KARACHI, June 29 -- Pakistan National Shipping Corp. (PNSC) plans to buy a fourth oil tanker, owned by a Greek company, to expand its oil import operations with three national refineries and possibly compete for international oil transportation contracts.

PNSC has three other tankers, MT Jauhar 11, MT Swat, and MT Shalimar, transporting crude from Saudi Arabia to Karachi for the refineries. The single-hull tankers—to be banned by the International Maritime Organization by 2007—would enable PNSC to increase income enough to recover tanker costs and earn enough profits by then to totally eliminate its losses, PSNC said.

The sources also disclosed a long-term plan to manufacture other oil tankers for international transport and to help China meet its national requirements.

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