Pakistan National Shipping Corporation (PNSC) will embark on a major procurement plan during the current fiscal year to strengthen its fleet in order to capitalise on the burgeoning shipping activities in the coming days. Under the procurement plan for the current fiscal year, the PNCS intends to procure two second-hand oil tankers, a bulk carrier and chemical tanker to add in its fleet, which has turned old during the recent years.
The shipping sector in Pakistan is underutilised, as the vast majority of national trade is carried out by foreign shipping lines. Domestic entities such as PNSC offer an attractive value proposition by accepting Pakistani rupee as payment instead of US dollar and offering attractive credit terms. Pakistan’s shipping sector can stand to benefit from these developments, ushering in sustainable growth and creating a strong local demand while also generating employment opportunities.
According to annual report of PNSC for 2022, PNSC, with a total DWT (deadweight tonnage) capacity of 1.045 million metric tons, lifted cargo of about 11.971 million tons in 2022 (FY 2021: 11.09 million tons), which is equivalent to about 11.21% of the country’s total 106.820 million tons seaborne trade by volume.
The PNSC fleet, which shrunk over the years to 12 vessels operating in dry and liquid bulk cargo, has been facing difficulties in operating to its maximum capacity in the seaborne trade. On the other hand, trade restrictions in various countries have been severely denting its operational capability.—INP
