Latest news with #PakistanNationalShippingCorporation
Business Recorder
19-07-2025
- Business
- Business Recorder
PM seeks private investment in shipping sector
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday directed authorities to devise a comprehensive plan to attract private investment in the country's shipping sector, as part of broader efforts to modernise transport infrastructure and reduce reliance on foreign freight services. The prime minister while chairing a high-level review meeting concerning reforms in the shipping industry and the Pakistan National Shipping Corporation (PNSC), called for restructuring the national carrier along corporate lines. He emphasised the need to strengthen maritime capabilities in order to capitalise on the country's strategic location and increase foreign exchange earnings. 'Improvements in the railway and shipping sectors are of critical importance for transit trade,' he said. 'Transporting goods via Pakistani shipping lines presents a rare opportunity to earn valuable foreign exchange.' Highlighting the emerging Pakistan-Afghanistan-Uzbekistan railway corridor, Sharif described it as a 'new era of regional trade,' positioning Pakistan's ports as a vital gateway for Central Asian exports to the world. He further directed the Ministry of Maritime Affairs and the PNSC to present a sustainable business model and comprehensive reform plan for the sector, underlining the importance of expanding the national fleet to curb the country's heavy spending on foreign freight charges. Among those present at the meeting were Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers Ahsan Iqbal Cheema and Junaid Anwar Chaudhry, as well as senior government officials. In a separate development, the prime minister welcomed the country's current account surplus, which reached $2.1 billion in the fiscal year 2024–2025 – the highest in 22 years. He attributed the improvement to a significant rise in remittances and exports, alongside robust government measures that have pushed foreign exchange reserves beyond $19 billion. 'The improving financial and economic indicators show that the country's economy is on the path of stability,' Sharif said. 'The government is taking priority steps to further improve the business and investor-friendly environment in the country.' He commended his economic team for their contributions to stabilising the economy. Separately, in a message posted on X, the prime minister expressed satisfaction over the successful completion of hands-on agricultural training in China for around 300 Pakistani graduates. The programme, held in Shaanxi province of China, covered key areas such as water-saving irrigation, seed production, animal husbandry, and prevention of post-harvest losses. 'My special thanks to the Chinese leadership, the Shaanxi Government, and the two universities involved,' Sharif said. He also praised the Ministry of National Food Security, the Higher Education Commission, and the Pakistan's Embassy in Beijing for facilitating the initiative. The graduates are part of a 1,000-strong cohort announced by the prime minister during his visit to China in June 2024, aimed at enhancing agricultural skills and technology transfer. Copyright Business Recorder, 2025
Business Recorder
18-07-2025
- Business
- Business Recorder
PM Shehbaz orders expansion of national shipping fleet
Prime Minister Shehbaz Sharif on Friday directed authorities to increase the number of ships in the national maritime fleet to reduce freight-related forex outflows. PM Shehbaz made these remarks while chairing a review meeting on reforms in Pakistan's shipping sector and the Pakistan National Shipping Corporation (PNSC). The prime minister said a plan should be formulated to encourage private sector investment in Pakistan's shipping sector. 'Measures should be taken to restructure the PNSC along corporate lines,' he added. During the meeting, the prime minister remarked that the Pakistan-Afghanistan-Uzbekistan railway line is set to mark the beginning of a new era of trade in the region. PM orders comprehensive overhaul of PNSC 'Goods from Central Asia will be transported across the globe via Pakistani ports.' PM Shehbaz stated that the improvement of the railway and shipping sectors is of vital importance for transit trade. The transportation of cargo through Pakistani shipping lines presents a unique opportunity for the country to earn valuable foreign exchange, he said. He also instructed the Ministry of Maritime Affairs and the PNSC to undertake comprehensive reforms and present a sustainable business model for the sector. The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Ministers Ahsan Iqbal, Junaid Anwar Chaudhry, and other senior officials concerned.
Business Recorder
10-07-2025
- Business
- Business Recorder
PM orders reform plan to make PNSC globally competitive
ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday directed officials to develop a comprehensive reform plan aimed at transforming Pakistan National Shipping Corporation (PNSC) into a globally competitive powerhouse in the maritime sector. Chairing a high-level meeting, Sharif reviewed the corporation's restructuring efforts, operational performance, and ambitious expansion strategies. He underscored the vast untapped potential of Pakistan's shipping industry, urging the swift formulation of policies to entice private sector investment. 'The shipping sector holds immense promise for investment. A comprehensive plan must be crafted to actively encourage private sector participation,' the prime minister stressed, according to an official statement from the Prime Minister's Office. PNSC eyes $700mn freight earnings amid fleet expansion In a clear signal of intent, Sharif called for urgent measures to boost the PNSC fleet and promote its vessels for domestic cargo transport on a fiercely competitive footing. He also instructed officials to bring in industry experts and consultants to align the corporation's operations with international best practices. The reforms, he asserted, would not only slash Pakistan's dependence on foreign shipping firms and conserve precious foreign exchange but also open up fresh employment opportunities for Pakistani seafarers. The meeting was attended by federal ministers, Ahad Cheema and Junaid Anwar Chaudhry, alongside senior officials. Participants were updated on PNSC's current fleet size, the scale of Pakistan's annual cargo movement, and bold plans for future growth. Copyright Business Recorder, 2025
Business Recorder
10-07-2025
- Business
- Business Recorder
PNSC director slams HR practices
ISLAMABAD: A shareholder director on the board of the Pakistan National Shipping Corporation (PNSC) has strongly criticised the PNSC's Human Resource (HR) practices for non-compliance with government regulations and statutory provisions, specifically regarding post-retirement employment of officers. A formal note of dissent has been submitted by the shareholder director on the board of PNSC during the 460th board meeting held on June 30, 2025. The dissenting note strongly criticises PNSC's HR practices. The director highlighted repeated directives from the Ministry of Maritime Affairs and the Ministry of Port and Shipping that prohibit employment extensions for officers beyond the superannuation age of 60 years. Despite these clear directives, the PNSC continues to engage officers in violation of the law, drawing sharp criticism from within the board. The Standing Committee of the National Assembly on Maritime Affairs has also categorically declared the abolition of clauses allowing post-retirement appointments. The director cited a National Assembly Secretariat's letter dated June 10, 2025, which was shared on the PNSC board's WhatsApp group, reinforcing the prohibition on such appointments. The dissenting note recommended the following urgent actions: (i) Abolishing all HR policy clauses that permit post-superannuation appointments. (ii) Immediate termination of services of officers employed beyond the age of 60. (iii) Ensuring no future employment extensions under any pretext. (iv) Holding the HR Department accountable for failure in succession planning and timely relief measures. (v) Furnishing the board with a detailed list of officers currently in promotion zones with relevant service records. Concern was also raised over discrepancies in the recording of meeting minutes by the Company Secretary. Specific reference was made to the appointment of a professionally qualified General Manager (HR), which was reportedly discussed during the 459th board meeting but not recorded in the official minutes, sparking concerns over procedural transparency. In conclusion, the dissenting board member urged immediate remedial action, including full adherence to HR regulatory frameworks; transparent and merit-based appointments and rectification in recordkeeping processes to ensure governance compliance. 'The fiduciary duty of the board is to ensure that PNSC functions strictly within legal and regulatory frameworks. Continued non-compliance not only damages institutional integrity but also poses serious legal and reputational risks,' the note concluded. Copyright Business Recorder, 2025
Business Recorder
28-06-2025
- 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.
