Pakistan, Oct. 14 -- Pakistan National Shipping Corporation (PNSC), the country's national flag carrier, announced that its wholly-owned subsidiaries - Karachi Shipping (Pvt) Ltd. and Lahore Shipping (Pvt) Ltd. - have signed Memoranda of Agreement (MoA) to purchase two Aframax-class tankers.

The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Monday. Karachi Shipping (Pvt) Ltd. and Lahore Shipping (Pvt) Ltd. - both subsidiaries of PNSC - have signed Memoranda of Agreement (MoA) for the acquisition of LORAX and NAFSIKA, with deadweight tonnages (DWT) of 109,990 and 112,051 tonnes, respectively.

The Board of Directors of PNSC on Friday approved the acquisition of three vessels costing $193.11...