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.
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