State firm wins wheat bid
The state-run Pakistan National Shipping Corporation has won a tender for the shipment of 270,000 tonnes of wheat from the United States to Port Qasim, near Karachi, at US$22 per tonne FOB. The corporation won the tender by exercising its right as the state organisation to match the lowest bid, an official said.
A shipping executive said the corporation could incur big losses as world freight rates had risen more than 10 per cent since the tender was awarded and it had not yet hired ships to carry the wheat. But the contract at $21.19 and $22 per tonne FOB was still cheaper than rates of about $35 which Pakistan paid until 1994, when the corporation broke a cartel of international bidders.