Canadian Port authorities release ship carrying 50,000 tons coal for Pak Steel


Karachi: The ship carrying 50,000 tons of coal detained a month ago has been released to Pakistan Steel Mills Corporation (PSMC) on Canadian court orders followed by a bank guarantee of PkR 1 bn through NBP.

According to Alfalah Securities Limited, the ship MV Thorasace, was detained by Canadian Port authorities on account of non-payment of USD13 mn claims by an Indian firm Fomento in the Supreme Court of British Columbia (Canada). The guarantee also has an encashment facility by the court which would be exercised if PSMC failed to defend the case. PSMC might also have to pay USD20,000 per day demurrage charges on the detained ship.

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