The Pakistan National Shipping Corporation (PNSC) has announced plans to expand its shipping fleet by acquiring at least 24 new vessels over the next three years, with expectations to generate approximately $700 million in freight earnings. Currently, Pakistan operates 10 ships, which include five double-hull Aframax oil tankers and a combination of Supramax and Panamax bulk carriers. As part of this initiative, the national carrier aims to increase its cargo handling capabilities, targeting a 52 percent rise in volume and a 43 percent increase in value (excluding containerized cargo) within three years. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry unveiled this three-year plan during a meeting in Islamabad focused on revitalizing Pakistan’s maritime and logistics sectors.
This expansion aligns with Prime Minister Shehbaz Sharif’s strategy to modernize and expand the aging shipping fleet in a phased approach. The government’s goal is to enhance cargo capacity, improve fuel efficiency, and ensure compliance with International Maritime Organization standards, particularly concerning carbon emission regulations and ballast water management. The implementation of this plan is crucial, as the PNSC has experienced an 18 percent decline in shipping income, dropping to Rs25 billion ($88.5 million) in July–March of this year. The ministry has indicated that the current fleet may double in size with the addition of 13 vessels in the first year, followed by eight in the second year and three in the third year, ultimately increasing the fleet to 34 by 2028.
In addition to expanding the fleet, there are also proposals to strengthen partnerships between the PNSC, Karachi Shipyard & Engineering Works, and local industries to promote the manufacturing of modern cargo vessels and oil tankers. This endeavor is expected to bolster skilled employment, stimulate local supply chains, and rejuvenate Pakistan’s shipbuilding sector, positioning the country as a potential regional maritime hub. To finance these modernization efforts, Pakistan plans to leverage public-private partnerships and explore maritime leasing models while seeking support from global green shipping funds. The government is working with the International Monetary Fund to revive its struggling economy, aiming for a tax revenue target of Rs14.3 trillion ($50 billion) for the upcoming financial year.
The PNSC’s fleet expansion also seeks to alleviate the $4 billion annual foreign exchange burden from sea-based trade and reduce reliance on foreign shipping lines, which contribute to the nation’s increasing trade deficit.