PNSC denies vessel purchase

MG News | September 05, 2025 at 04:48 PM GMT+05:00

0:00

September 05, 2025 (MLN): The Pakistan National Shipping Corporation (PSX: PNSC) has clarified that it has not purchased any new vessels, contrary to recent media report.

The Corporation explained that the arrangement under discussion relates to a time charter agreement, which is a standard and recurring business practice in the international shipping industry, ,according to the corporation’s statement issued today.

Such agreements allow companies to commercially operate vessels without assuming ownership.

Under a time charter, PNSC acts as the manager of the vessel, arranging cargo, voyages, and sub-chartering when required. The tonnage of these chartered vessels is reflected in PNSC’s managed fleet.

However, the Corporation emphasized that such arrangements do not constitute legal ownership or acquisition of the ships.

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