ISLAMABAD: Prime Minister Shehbaz Sharif on Friday ordered a comprehensive overhaul of the Pakistan National Shipping Corporation (PNSC), demanding a detailed business plan within two weeks to address what he described as a massive $4 billion annual drain on the national treasury caused by the shrinking state-owned fleet.
The prime minister while chairing a high-level meeting expressed deep concern over PNSC’s diminished capacity, which he said has forced Pakistan to depend heavily on costly foreign shipping services.
“Due to a reduced number of ships in the PNSC fleet, the country spends nearly $4 billion every year from the national exchequer on maritime trade,” he said, underscoring the urgency of the situation.
The prime minister directed officials to explore leasing options to rapidly expand the fleet as an immediate step, aiming to reduce the heavy financial burden on the government.
“Acquiring ships on lease will be a crucial strategy to boost PNSC’s capacity in the short term,” he added.
The PNSC, established in 1971, is the country’s largest government-owned shipping company, responsible for managing Pakistan’s maritime trade fleet.
Currently, the corporation operates just 10 vessels of various types, with a combined cargo-carrying capacity of 724,643 tons – a number widely seen as insufficient to meet the demands of Pakistan’s growing import-export sector.
During the meeting, senior officials briefed the prime minister on PNSC’s current performance and fleet status, highlighting challenges including aging ships, limited capacity, and the need for urgent modernisation.
Economic Affairs Minister Ahad Khan Cheema and Maritime Affairs Minister Junaid Anwar Chaudhry attended the session, reflecting the government’s commitment to turning around the state-owned shipping giant.
Copyright Business Recorder, 2025
