Pakistan National Shipping Corporation (PNSC) has outlined significant fleet expansion plans.

PNSC currently manages a fleet of nine ships, including four 107,000dwt Aframaxes and various different sizes of bulk carriers. The total fleet is 681,000dwt.

With demand for oil high in Pakistan, the company is looking at more tankers and to enhance its contracts of affreightment with local oil refineries, and cut its exposure to the spot market.

Looking further ahead the firm has laid out goals for a fleet of 1.5m dwt by 2025 with more Aframaxes, product tankers and Supramax bulk carriers. It laid out this plan while releasing its latest financial results.