In the Economic Survey of Pakistan FY2019, it is recorded that Pakistan National Shipping Corporation (PNSC) has attained substantial growth in revenue of 35 percent in managed bulk carrier segment and growth of 28 percent in liquid cargo segment through its managed vessels. The present government encouraged the use of alternative energy, which is cost effective, and environment friendly as against to furnace oil. The National Flag carrier of Pakistan, trading under the name of PNSC is engaged in transportation of dry bulk and liquid cargoes worldwide. It is an autonomous corporation, which functions under the overall control of the Ministry of Maritime Affairs, Government of Pakistan. PNSC manages a fleet of 11 ships, real estate and a repair workshop and has strived to complete its duty to the nation towards providing Pakistan a reliable and dedicated shipping service thus representing the nation in the global shipping arena.
Since its incorporation, PNSC’s commercial focus has extended beyond basic shipping into associated opportunities counting NVOCC business and maritime engineering works. The survey showed that restrictions were imposed on import of furnace oil resulting in energy shift towards inexpensive Liquefied Natural Gas (LNG), which hampered the operational revenue of PNSC by foreign flag tankers chartering with a fall of 71 percent. Likewise, there is a fall of 7 percent in slot charter segment, which is also primarily because of the reduction in the import of public sector cargoes. Cumulatively, PNSC attained a turnover of Rs.7,478 million as against to Rs.7,522 million for the same period previous year. Fleet Direct operating expenses fell to Rs5,500 million from Rs5,747 million, thereby resulting in gross profit of Rs1,852 million as compared to Rs1,656 million for the corresponding period previous year.
Experts mentioned that PNSC has evolved into an industrial provider of maritime freight services directly to producers, refineries and end-users of raw materials and commodities. PNSC’s commercial and financial profile has enhanced significantly in present years. A rise in the Corporation’s share price and a consistent dividend payout policy is a testament to this improvement. Despite of some adverse factors, PNSC profitability has raised by 61 percent with profit after tax of Rs1,402 million during this period against Rs872 million in the corresponding period previous year ensuring the best utilization of resources. EPS (Earnings per share) for the PNSC rose to Rs10.62 as compared to Rs6.60 in previous corresponding period. The government experts also mentioned in the survey that Two LR-1 tankers are added in PNSC’s managed fleet namely “M.T. Bolan” and “M.T. Khairpur”. These additions have raised the PNSC’s managed fleet deadweight tonnage to 831,711 tons, which is largest in the history. The new inductions of oil tankers in managed fleet not only cater the demand of Motor Gasoline transportation but also impart modern technological advancements on board. These inductions would also curtail reliance on foreign-chartered vessels for oil transportation, to encounter the existing and foreseeable external issues, and to gear up for current and future economic issues as well. Furthermore, Pakistan National Shipping Corporation’s current fleet comprises of 11 vessels with a total deadweight (DWT) capacity of 831,711 metric tons and contributes significantly to Pakistan’s imports and export volumes whereas on the other hand operate worldwide earning foreign exchange for the government exchequer.
It is also recorded in the survey that PNSC has planned Fleet Development Program (FDP) into short, medium & long term. Pakistan National Shipping Corporation has presently acquired two (02) LR-1 product tankers, which will increase PNSC’s cargo carrying capacity and will more contribute to rise in revenue generation of the Corporation. While, in medium term PNSC intends to enlarge its dry bulk and liquid fleet and also intended to get into transportation of LNG and LPG business. However, in long term the ultimate objective of corporation is to increase and sustain deadweight carrying capacity of over 1.5 million tons by 2025. PNSC commits itself towards the concept of a sustainable healthy environment for all segments of society.
Recent initiatives focus upon the preservation and protect of marine environment at sea and within ports. The Corporation is also committed to adopting in letter and in spirit the IMO MARPOL standards as and when they become applicable. Likewise, the Corporation is committed to the strictest safety practices for the safety of life at sea. PNSC procured its first oil taker in 2001 and since then has successfully transported over 80 percent of the crude oil imported into Pakistan on FOB basis. PNSC has also transported MOGAS and HSFO for PSO.