Latest news with #PakistanNationalShippingCorporation
Business Recorder
3 hours ago
- Business
- Business Recorder
PNSC eyes $700mn freight earnings amid fleet expansion
Pakistan National Shipping Corporation (PNSC) is expected to generate an estimated $700 million in freight earnings by expanding its cargo fleet to 34 vessels over the next three years. This was announced during a high-level meeting chaired by Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry, on Friday, read a statement. During the meeting, the minister was informed that PNSC currently manages approximately 11% of the country's cargo by volume and 4% by value. The national carrier is now targeting to increase its cargo handling to 52% by volume and 43% by value (excluding containerised cargo) within three years. PNSC is Pakistan's national flag carrier, primarily engaged in the transportation of dry bulk and liquid cargoes globally. It was established in 1979 by merging the National Shipping Corporation (NSC) and the Pakistan Shipping Corporation. PNSC operates under the Ministry of Maritime Affairs, Government of Pakistan. Presenting the business plan, the federal minister emphasised the need for PNSC to evolve into a globally competitive, technologically advanced, and environmentally sustainable organisation aligned with international maritime benchmarks. Pakistan to lease ships for PNSC to curb $4bn forex drain As per the statement, the government plans a phased renewal and expansion of PNSC's ageing fleet to enhance cargo capacity, fuel efficiency, and compliance with International Maritime Organization (IMO) standards, including those governing carbon emissions and ballast water management. The minister proposed deepening collaboration between PNSC, Karachi Shipyard & Engineering Works, and local industries for the domestic construction of modern cargo vessels, oil tankers, and container carriers. To fund the modernisation efforts, the plan advocates leveraging public-private partnerships, maritime leasing models, and tapping into global green shipping funds. The minister also underscored the need for digital transformation in maritime operations. This includes the adoption of platforms such as Pakistan Single Window (PSW), Vessel Traffic Management Systems (VTMS), blockchain-based documentation, e-logistics solutions, and real-time cargo tracking systems—measures aimed at enhancing transparency, efficiency, and security. Environmental sustainability remains central to the reform agenda.
Express Tribune
8 hours ago
- Business
- Express Tribune
PNSC eyes $700m freight earnings in 3 years
Pakistan National Shipping Corporation (PNSC) aims to generate an estimated $700 million in freight earnings by expanding its fleet to 34 vessels over the next three years, according to a statement released on Friday. The announcement was made during a high-level meeting chaired by Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry, outlining a new business strategy to revitalise the maritime and logistics sectors. The meeting was informed that PNSC currently handles around 11% of the country's cargo by volume and 4% by value. The national carrier is now targeting a substantial increase in its cargo share to 52% by volume and 43% by value, excluding containerised cargo, within three years. Presenting a forward-looking business plan, the minister described PNSC as central to enhancing Pakistan's maritime capabilities. He stressed the need for it to evolve into a globally competitive, technologically advanced, and environmentally sustainable entity aligned with international maritime standards. A key feature of the plan is the phased renewal and expansion of PNSC's aging fleet to boost cargo capacity, improve fuel efficiency, and ensure compliance with International Maritime Organisation (IMO) standards, including regulations on carbon emissions and ballast water management. To promote self-reliance, the minister proposed stronger collaboration between PNSC, Karachi Shipyard & Engineering Works, and local industries to enable domestic construction of modern cargo ships, oil tankers, and container vessels. This initiative is expected to generate skilled employment, strengthen local supply chains, and revive Pakistan's shipbuilding sector. The expansion plan also recommends leveraging public-private partnerships, maritime leasing models, and international green shipping funds to support modernisation without burdening the national budget. Digital transformation was highlighted as another key priority. The plan includes adoption of the Pakistan Single Window (PSW), Vessel Traffic Management Systems (VTMS), blockchain-based documentation, e-logistics solutions, and real-time cargo tracking to improve transparency and operational efficiency. Environmental sustainability is central to the agenda, with PNSC set to adopt cleaner fuels, retrofit vessels for energy efficiency, and align with global decarbonisation goals. Chaudhry reaffirmed PNSC's strategic role in securing maritime sovereignty, economic stability, and resilient supply chains amid global uncertainty.
Arab News
8 hours ago
- Business
- Arab News
Pakistan eyes $700 million in freight earnings by expanding shipping fleet — maritime ministry
KARACHI: The state-run Pakistan National Shipping Corporation (PNSC) is set to buy at least 24 more vessels in the next three years to generate an estimated $700 million in freight earnings, the maritime ministry said on Friday. Pakistan currently owns 10 ships including five double-hull Aframax oil tankers and as many Supramax and Panamax bulk carriers. 'The national carrier is now targeting to increase its cargo handling to 52 percent by volume and 43 percent by value (excluding containerized cargo) within three years,' the ministry said in a statement. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced the three-year plan in a meeting held in Islamabad to discuss the government's business strategy to revitalize the maritime and logistics sectors. The move is part of Prime Minister Shehbaz Sharif's strategy to renew and expand Pakistan's aging shipping fleet in a phased manner to enhance cargo capacity, fuel efficiency and compliance with International Maritime Organization standards, including those governing carbon emissions and ballast water management. The plan, if implemented, would boost the revenues of the national flag-carrier, whose income from shipping business declined 18 percent to Rs25 billion ($88.5 million) in July–March this year compared to the previous one, according to PNSC's financial results posted on the Pakistan Stock Exchange website. Muhammad Arshad, the ministry spokesman, told Arab News that Pakistan's current fleet will be more than doubled with the induction of 13 vessels in the first year. Eight vessels will be bought in the second year and three in the third, which would take the total to 34 vessels in Pakistan's fleet by 2028. 'PNSC currently manages approximately 11 percent of the country's cargo by volume and 4 percent by value,' the ministry said. During the meeting, the minister proposed deepening collaboration between the PNSC, Karachi Shipyard & Engineering Works and local industries for the local manufacturing of modern cargo vessels, oil tankers and container carriers. 'This initiative is expected to create skilled employment, strengthen local supply chains, boost industrial activity and rejuvenate Pakistan's shipbuilding sector, positioning the country as a regional maritime hub,' it said. The cash-strapped country plans to finance its modernization efforts without burdening the treasury through leveraging public-private partnerships, maritime leasing models and tapping into global green shipping funds. The government is trying to revive Pakistan's debt-ridden economy with the help of the International Monetary Fund and has set a tax revenue target of Rs14.3 trillion ($50 billion) for the next financial year starting July. Last week, the prime minister directed the authorities to lease new vessels to expand the PNSC's fleet with an aim to reduce the $4 billion annual foreign exchange burden on sea-based trade. Pakistan looks to bolster its maritime trade capacity and reduce reliance on foreign shipping lines, which officials say significantly contributes to the country's widening trade deficit and puts pressure on foreign exchange reserves.
Business Recorder
20-06-2025
- Business
- Business Recorder
Pakistan to lease ships for PNSC to curb $4bn forex drain
In a bid to save much-needed foreign exchange, Prime Minister Shehbaz Sharif on Friday directed authorities to lease ships to expand the fleet of the Pakistan National Shipping Corporation (PNSC). The development came during a review meeting on PNSC matters held in Islamabad, read a statement released by the Prime Minister's Office (PMO). Chairing the meeting, PM Shehbaz noted that due to the shortage of vessels in PNSC's fleet, the country is compelled to spend $4 billion annually from the national exchequer on sea-borne trade. The prime minister has sought a business plan for PNSC, which should be presented within two weeks. As per the PMO statement, the plan should outline a roadmap to eliminate the $4 billion annual burden on the national treasury. During a briefing on PNSC's performance, it was informed that the organisation currently possesses ten ships of various types, with a total cargo-carrying capacity of 724,643 tons. PNSC is Pakistan's national flag carrier, primarily engaged in the transportation of dry bulk and liquid cargoes globally. It was established in 1979 by merging the National Shipping Corporation (NSC) and the Pakistan Shipping Corporation. PNSC operates under the Ministry of Maritime Affairs, Government of Pakistan. Federal Minister for Economic Affairs Ahsan Iqbal Cheema, Federal Minister for Maritime Affairs Junaid Anwar Chaudhry, and senior officials of PNSC were also present at the meeting. Earlier in February, PM Shehbaz greenlit an extensive reform initiative designed to revive the country's maritime industry. The key components of the reform plan encompass restructuring of PNSC, the modernisation of the National Ports Master Plan and standardisation of tariffs throughout the country's ports.
Business Recorder
05-05-2025
- Business
- Business Recorder
IBA Karachi, PNSC to support future leaders through scholarship endowment
KARACHI: In a significant step toward strengthening access to quality higher education, IBA Karachi has joined hands with Pakistan National Shipping Corporation (PNSC) to support future leaders through scholarship endowment. PNSC has contributed Rs 10 million to IBA for the establishment of a perpetual scholarship endowment. The cheque handover ceremony was held at Main Campus, IBA Karachi, in which Sultan A. Chawla, Chairman, PNSC, presented the contribution to Dr S Akbar Zaidi, Executive Director, IBA Karachi. This partnership marks the beginning of a long-term collaboration between two institutions committed to building capacity and creating pathways for underserved communities. Copyright Business Recorder, 2025
