According to sources, the vessel “Lahore” was generating $27,500 per day while operating under contract at an Iraqi port.

Meanwhile, “Quetta” was leased to Pakistani refineries at a daily rate of approximately $12,000.

However, in place of “Quetta”, authorities had to charter an alternative vessel, Swene Lake, from an international firm at an exorbitant rate of $800,000 per month, causing a loss of nearly $200,000.

Also, read this

Port Qasim land scandal: Prime Minister forms 3-member inquiry committee

Faisal Vawda: Rs50-60 billion stolen during incumbent govt’s tenure

Senator Faisal Vawda pledges Rs5 million for overseas Pakistanis facing fines

Shipping industry insiders claim both vessels were operational and profitable, contradicting the justification for their sale as scrap.

They note that in the current freight market, such vessels command a minimum rate of $40,000 per day.

A PNSC spokesperson confirmed that the process of selling the two ships is ongoing and was approved by the board.

The spokesperson defended the decision, stating that the vessels were not profitable and that new ships would be acquired once approval was granted.

Earlier, senior politician and senator Faisal Vawda had revealed during a Senate committee meeting that government land at Karachi Port, valued at Rs40 billion, was sold for just Rs5 billion.

He further claimed that the market value of 500 acres of Karachi Port land exceeds Rs60 billion.