Islamabad, June 21, 2025 —
In a decisive move to curb foreign exchange losses and bolster Pakistan’s maritime capabilities, Prime Minister Shehbaz Sharif on Friday directed relevant authorities to lease ships to expand the Pakistan National Shipping Corporation (PNSC) fleet. The directive came during a high-level review meeting on PNSC operations held at the Prime Minister’s Office (PMO) in Islamabad.
The Prime Minister emphasized the urgent need to reduce the annual $4 billion expenditure Pakistan incurs due to its reliance on foreign shipping for sea-borne trade.
Pakistan’s Sea Trade: A Costly Dependency
Currently, Pakistan spends approximately $4 billion each year on hiring foreign vessels to carry imports and exports, a major strain on the country’s already fragile foreign exchange reserves.
“We must eliminate this economic burden through strategic expansion of our national fleet,” PM Shehbaz told the meeting participants.
He instructed that a comprehensive business plan for PNSC be submitted within two weeks, outlining concrete steps to increase the national carrier’s share in Pakistan’s maritime trade and reduce external dependence.
PNSC: A Fleet in Need of Revitalization
PNSC officials briefed the Prime Minister on the corporation’s current fleet status, which includes ten ships of varying capacities, collectively handling 724,643 tons of cargo.
Despite being the country’s national flag carrier and a vital logistics player, PNSC’s current fleet is insufficient to meet the growing demands of the nation’s imports and exports.
Established in 1979 through the merger of the National Shipping Corporation and Pakistan Shipping Corporation, PNSC operates under the Ministry of Maritime Affairs. Its core function is the transportation of dry bulk and liquid cargoes globally.
Reforms Underway to Restructure the Maritime Sector
This latest initiative follows PM Shehbaz’s approval in February 2025 of a sweeping maritime reform agenda, which includes:
-
Restructuring of PNSC to increase competitiveness
-
Modernisation of the National Ports Master Plan
-
Tariff standardisation across all ports to streamline shipping operations
These steps are intended to make Pakistan’s maritime sector more efficient, self-reliant, and globally competitive.
Malaysian Palm Oil Futures Ease on Weak Demand, But Head for Sixth Weekly Gain
Key Takeaways from the Review Meeting
-
Fleet Expansion: PM Shehbaz directed leasing of ships to quickly enhance PNSC’s cargo-handling capacity.
-
Business Plan Deadline: A two-week timeline was given for PNSC to submit a roadmap focused on reducing the $4 billion forex outflow.
-
Strategic Focus: The plan should detail how Pakistan can increase indigenous maritime logistics capacity and minimize foreign dependence.
-
Leadership Present: The meeting was attended by key government officials, including Federal Minister for Economic Affairs Ahsan Iqbal Cheema, Maritime Affairs Minister Junaid Anwar Chaudhry, and senior PNSC management.
Why This Matters
This initiative comes at a time when Pakistan is under pressure to conserve foreign reserves, meet IMF obligations, and reform state-owned enterprises. The maritime sector — a strategic but long-neglected domain — offers significant potential to reduce fiscal pressure if properly modernized.
A revitalized PNSC would not only lower the cost of trade but could also serve regional transit routes, positioning Pakistan as a stronger player in regional logistics and Blue Economy initiatives.
