PM Directs PNSC to Expand Fleet Through Ship Leasing

In an effort to conserve crucial foreign reserves, Prime Minister Shehbaz Sharif instructed officials on Friday to lease vessels to grow the Pakistan National Shipping Corporation’s (PNSC) fleet.

This directive was issued during a meeting in Islamabad to review PNSC affairs, according to a statement released by the Prime Minister’s Office (PMO).

During the meeting, PM Shehbaz highlighted that the country is currently spending $4 billion annually from its treasury on maritime trade due to a deficiency in the number of ships in PNSC’s fleet.

The prime minister has requested a comprehensive business plan for PNSC, to be submitted within a fortnight.

According to the PMO, the solicited plan should present a strategy to alleviate the $4 billion annual expenditure from the nation’s financial resources.

During a briefing on PNSC’s operational status, it was revealed that the organization currently has ten ships of diverse types, possessing a total cargo capacity of 724,643 tons.

PNSC, the national flag carrier of Pakistan, is principally involved in the global transportation of both dry bulk and liquid cargo.

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.

Federal Minister for Economic Affairs Ahsan Iqbal Cheema, Federal Minister for Maritime Affairs Junaid Anwar Chaudhry, and senior PNSC officials were present at the review.

Previously, in February, PM Shehbaz had sanctioned a broad reform initiative aimed at revitalizing the nation’s maritime sector.

The core components of this reform strategy involve restructuring PNSC, upgrading the National Ports Master Plan, and standardizing tariffs across all of Pakistan’s ports.