Latest news with #shipping
Arab News
7 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.
Zawya
21 hours ago
- Business
- Zawya
Gulf shipping costs drop as Israel-Iran ceasefire holds
Shipping costs for the Gulf have fallen in the past two days after a ceasefire was reached between Israel and Iran, although rates could rebound if tensions increase, shipping and insurance industry sources said on Thursday. The conflict had raised concerns that Iran could close Hormuz, the strait between Iran and Oman through which around 20% of global oil and gas demand flows amid broader fears that oil could soar to $100 a barrel. Shipping rates for supertankers, which can carry 2 million barrels of oil, jumped over the past week before the ceasefire - more than doubling to over $60,000 a day. Rates were quoted around $50,000 a day on Thursday, freight data showed. "Tanker rates ... have been pulling back following the halt to hostilities between Israel and Iran," Jefferies analyst Omar Nokta said in a note. Israel and Iran agreed to a ceasefire on Tuesday after 12 days of war. Greece's shipping ministry on Thursday eased requirements for its merchant fleet, no longer advising them to report voyages through Hormuz, saying the situation "appears to have been improved". War risk insurance premiums for Gulf shipments softened to between 0.35-0.45%, from a peak of 0.5% on Monday, sources said. This compares with levels of around 0.3% in recent months. The cost of a seven-day voyage is based on the value of the ship and the drop will translate into tens of thousands of dollars less in additional costs each day. "Rates have definitely softened," said David Smith, head of marine with insurance broker McGill and Partners. "Whilst war premiums are still significant there is a large number of war risk insurers looking to underwrite risks and offer capacity, which in combination with the improved political situation is adding ever downward pressure on rates. That said, the situation remains very fluid." Iran would respond to any future U.S. attack by striking American military bases in the Middle East, Supreme Leader Ayatollah Ali Khamenei said on Thursday, in his first televised remarks since the ceasefire. (Reporting by Jonathan Saul, Renee Maltezou and Yannis Souliotis with Reuters, additional reporting by Michael Jones with The Insurer, editing by Ed Osmond)
Al Arabiya
a day ago
- Business
- Al Arabiya
Maersk resumes Haifa port calls
Shipping company Maersk said on Friday it had decided to resume vessel calls at Israel's Haifa port. 'With the prospect of current cease-fire agreement bringing de-escalation to the conflict, we have decided to resume vessel calls to the Port of Haifa, and acceptance for both import and export cargo is now open,' Maersk said in a statement. Maersk last Friday said it had temporarily paused vessel calls at Haifa port, amid Israel's conflict with Iran.
Reuters
a day ago
- Business
- Reuters
Maersk resumes Haifa port calls
COPENHAGEN, June 27 (Reuters) - Shipping company Maersk ( opens new tab said on Friday it had decided to resume vessel calls at Israel's Haifa port. "With the prospect of current cease-fire agreement bringing de-escalation to the conflict, we have decided to resume vessel calls to the Port of Haifa, and acceptance for both import and export cargo is now open," Maersk said in a statement. Maersk last Friday said it had temporarily paused vessel calls at Haifa port, amid Israel's conflict with Iran.
Yahoo
a day ago
- Business
- Yahoo
Seanergy Maritime Strengthens Dividend Appeal Amid Positive Analyst Ratings
Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) is one of 10 low risk dividend paying stocks for June 2025. Analysts are maintaining a Buy rating on the stock, following positive first-quarter results in 2025. A majestic oil tanker sailing across the open ocean. Headquartered in Greece, the pure-play Capesize dry bulk shipping company, Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) focuses on offering marine transportation services for dry bulk commodities using a modern fleet of Capesize vessels. With the largest class of bulk carriers, the company primarily transports grains, ore, and coal in massive quantities. On May 27, 2025, the company made its Q1 2025 earnings call, where it reported outperforming the Baltic Capesize Index average with a daily time charter equivalent of $13,400 and securing two high-quality Japanese-built Capesize vessels, despite recording a net loss of $6.8 million during the same quarter. Following the Q1 results, Maxim Group maintains a Buy rating on the stock, with a price target of $11. Meanwhile, Noble Financial also maintains a Buy rating but with a comparatively low price target of $9.25. With a beta of 0.37, the company's volatility and risk level stand low. Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) offers a dividend yield of 9.76%, and interested investors can purchase the stock before June 27, 2025, to qualify for the next dividend payment. While we acknowledge the potential of SHIP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
