Report by Engineering Post
Pakistan’s maritime sector remains mostly underutilized despite an estimated potential of more than $ 100 billion in sustainable commercial ocean resource usage.
Presently, the sector was contributing less than 0.5 percent to the national Gross Domestic Product (GDP) thus leaving significant growth opportunities untapped. Pakistan National Shipping Corporation ((PNSC) was working on plans to expand its fleet quite ambitiously to 54 by 2030 from the current strength of just 10 vessels, many of which were nearing the end of their operational life and as such will become uneconomical to operate beyond 2030. This move, according to the resorts, is aimed at capturing a larger share of the estimated $ 6billion which was being paid annually in foreign freight charges to the international shipping firms.
Currently, the PNSC was carrying only 11 percent of Pakistan’s commercial cargo. Through the expansion plan the PNSC intends to retain a larger share of $ 6 billion being spent as freight charges annually within the country. As part of its growth strategy, the PNSC had recently launched the construction of a new 1100 TEU container vessel at the Karachi Shipyard and Engineering Works (KSEW). The new vessel will be constructed using domestic resources and expertise.
