PM Orders PNSC Overhaul to Stem $4 Billion Loss

Islamabad: Prime Minister Shehbaz Sharif has directed a complete restructuring of the Pakistan National Shipping Corporation (PNSC). He has requested a thorough business strategy within a fortnight to tackle the substantial $4 billion annual expenditure from the national treasury, which he attributes to the shrinking state-owned fleet.

During a high-profile meeting, the Prime Minister voiced significant apprehension regarding PNSC’s decreased capabilities, asserting that it has compelled Pakistan to rely heavily on costly international shipping options.

“Due to a limited number of vessels in the PNSC fleet, the nation expends nearly $4 billion annually from the national treasury on maritime commerce,” he stated, highlighting the pressing nature of the matter.

The Prime Minister instructed authorities to investigate leasing possibilities to swiftly increase the fleet size as an immediate measure, with the goal of alleviating the significant financial strain on the government.

“Securing ships through leasing will be a vital tactic to enhance PNSC’s competence in the near future,” he added.

The PNSC, established in 1971, stands as the nation’s premier government-operated shipping enterprise, entrusted with overseeing Pakistan’s maritime trade fleet.

At present, the corporation manages only 10 ships of varying classifications, possessing a collective cargo-carrying capacity of 724,643 tons – a figure widely considered inadequate to fulfill the requirements of Pakistan’s expanding import-export industry.

During the session, top officials briefed the Prime Minister on PNSC’s existing performance metrics and fleet condition, emphasizing challenges such as aging vessels, constrained capacity, and the imperative for immediate modernization.

Economic Affairs Minister Ahad Khan Cheema and Maritime Affairs Minister Junaid Anwar Chaudhry were present at the meeting, demonstrating the government’s resolve to revitalize the state-owned shipping behemoth.