PNSC Inks MoU with China’s Shangdong Xinxu Group

The Pakistan National Shipping Corporation (PNSC) has formalized a preliminary, non-binding Memorandum of Understanding (MoU) with China’s Shangdong Xinxu Group Corporation. This agreement aims to investigate potential collaborations and ventures within the maritime and international shipping industries.

The corporation made this announcement in an official notification to the Pakistan Stock Exchange (PSX) on Thursday.

The notification stated, “PNSC has entered into a non-committal MoU with Shangdong Xinxu Group Corporation Company, an entity established and operating under Chinese law, for a duration of 12 calendar months.”

“This MoU is intended to foster a cooperative and trusting relationship between both entities, with the goal of achieving mutual commercial gains. It seeks to establish a conducive environment for investments primarily within Pakistan’s maritime sector and to explore mutually beneficial business prospects in the global shipping markets,” the statement continued.

Shandong Xinxu Group, situated in China’s Shandong Province, is a supplier of goods to businesses in the battery and forklift sectors.

PNSC, on the other hand, serves as Pakistan’s national flag carrier, specializing in the global transport of dry bulk and liquid commodities.

Originally established in 1979 through the consolidation of the National Shipping Corporation (NSC) and the Pakistan Shipping Corporation, PNSC functions under the Ministry of Maritime Affairs, Government of Pakistan.

Last month, during a high-profile meeting presided over by Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry, it was projected that PNSC would generate roughly $700 million in freight revenue by enlarging its cargo fleet to 34 ships over the next three years.

Currently, PNSC handles around 11% of the nation’s cargo by volume and 4% by value. The national carrier’s goal is to elevate its cargo handling capacity to 52% by volume and 43% by value (excluding containerized cargo) within the coming three years.