Govt prepares plan to revive PNSC

ISLAMABAD:

A comprehensive plan has been prepared for the revival and improvement of the Pakistan National Shipping Corporation (PNSC), with a decision also taken to bring the National Logistics Cell (NLC) into the shipping business. Under the plan, the number of PNSC's operational vessels will be increased from 10 to 54 over the next five years.

According to officials, the PNSC currently has only 10 vessels, which transport merely 11 percent of the country's commercial cargo.

As a result, Pakistan pays approximately $6 billion annually in foreign exchange to international shipping companies in the form of freight charges. Nearly 90 percent of the country's imports and exports* are presently carried through foreign vessels.

Many of PNSC's ships are nearing the end of their operational life, making it difficult to run them profitably beyond 2030. The situation has been further complicated by new regulatory regimes introduced by the International Maritime Organization (IMO) aimed at reducing carbon emissions.

Despite significant growth potential in the shipping sector, the absence of private operators has hindered market efficiency and expansion. To address this, the NLC is being brought into the business to enhance national cargo-carrying capacity by 2030 and eliminate reliance on foreign vessels.

Under a strategic partnership, the number of PNSC's active ships will be increased to 54 within five years. As a result of this plan, the government's and the PNSC's share in maritime freight is expected to rise from 5 percent to 56 percent, translating from $162 million to $1.785 billion.