South Korean delegation visit PNSC

Karachi—A South Korean Government delegation visited Pakistan National Shipping Corporation (PNSC) and evinced keen interest in various projects relating to ports and shipping.
These projects include dredging work contribution by PNSC, workshop and dockyards development, training facilities exchange in maritime sector, Port development and operation especially related to oil piers, storage and pipeline ventures, said PNSC statement here on Thursday,
During the meeting, held here at PNSC Building, the delegation from Ministry of Ocean and Fisheries Republic of South Korea and Chairman PNSC exchanged views on investment opportunities in the port infrastructure development.

The proposals highlighted by the Chairman PNSC were the enhancement of Pakistan’s port infrastructure, reconstruction of Oil Pier- 1 at Karachi Port Trust (KPT), Oil Storage and Ullage issues,

Dredging Opportunities, PNSC Workshop, Operations of Harbour Crafts, Construction of Ship Building Facility.

Korean delegate desired forwarding of these projects with details through Ministry of Ports and Shipping. The South Korean 6-members delegation was led by Director of Port Investment Co-operation Division, Hi Young Lee.

Source: http://pakobserver.net

PNSC organises seminar on future of shipping sector

KARACHI: In order to recognise the recent tax reforms for shipping sector by the present government, Pakistan National Shipping Corporation (PNSC) recently held a seminar on “Prospects of Shipping Sector in Pakistan” in Karachi.

The purpose of the seminar was to highlight the recent exemptions by the present government on Customs duty, general sales tax and withholding tax on imports of ships and other floating crafts. The house was full with prominent representations from Pakistan’s shipping industry and stakeholders both from public and private sectors.

The seminar was honoured by Ports and Shipping Minister Senator Mir Hasil Khan Bizenjo and COMPAK Commander Vice Admiral Arifullah Hussaini.

The seminar was aimed to promote shipping sector of Pakistan, promulgate policies and incentives to ensure growth and prosperity of Pakistan’s maritime sector and encourage and attract local and foreign investors.

Addressing the audience, PNSC Chairman Arif Elahi highlighted the global perspective on the role of merchant shipping. He briefed about the merchant shipping of Pakistan, specifically the role of PNSC in uplifting trade, economic activities and supporting oil supply chain of Pakistan. He appreciated the efforts of MoP&S in abolishment of Customs duty, general sales tax and withholding tax on imports of ships and all floating crafts including tugs, dredgers, survey vessels and other specialised crafts purchased or bareboat chartered by Pakistani entity and vessels flying Pakistan flag.

The PNSC chairman, while emphasising the importance of maritime industry, also highlighted PNSC’s performance that has been outstanding in the last decade. He said that the current PNSC’s fleet comprises modern vessels with deadweight carrying capacity of 681,806 metric tonnes – highest ever since its inception, adding that the corporation’s profitability continues to increase with a net profit of over Rs 2 billion with foreign exchange savings of over $1.5 billion. PNSC has also paid dividends and taxes to the government, which amounts to billion of rupees and contributing its part in economic growth of Pakistan, he said.

“The current national seaborne trade of Pakistan stands at 73.0 million tonnes and looking at the potential of this sector, we expect this figure would reach to 95 million tonnes by year 2020,” the chairman added.

Elahi encouraged the participants to invest in maritime sector of Pakistan in areas i.e. oil tankers, bulk carriers, container vessels, LNG carriers, oil storage and ancillary shipping services to strengthen national fleet and improve shipping services in Pakistan.

“I invite all the stakeholders to fully utilise these benefits of exemptions of duties and taxes and welcome to enter into joint venture with PNSC in acquiring vessels for your own usage. This shall not only save the country’s huge valuable foreign exchange but will also improve our cost and reduce dependency on foreign carriers, which will ultimately benefit investors and shareholders by means of higher profitability,” the PNSC chairman said.

Ports and Shipping Secretary Khalid Pervez also expressed his gratitude to the ports and shipping minister for his untiring efforts in pursuing the government to abolish the Custom duty, GST and WHT on import of ships and all floating crafts. “This remarkable decision will help private sector invest in the maritime sector and will also provide golden opportunity for them to join PNSC through public private partnership,” he added.

The federal secretary appreciated the efforts made by the PNSC chairman and his team in the commercial and financial performances during the last financial year introducing reforms in the organisation and thanked them for organising such an informative seminar.

In the end, Ports and Shipping Minister Senator Mir Hasil Khan Bizenjo thanked all the participants and appreciated the reforms of the present government by exempting duties and taxes on procurement of ships, which has finally set the stage of development in maritime sector of Pakistan.

“I am pleased to inform you that our ministry is presently working in support with other ministries to improve port infrastructure, streamline supply chain management and developing of existing national fleet,” the minister added.

Bizenjo also highlighted the volatility that prevails in international shipping and also shared reasons that resulted in recent downturns, which posed significant risk to shipping market.

Source: http://dailytimes.com.pk

PNSC’S NET PROFIT REACHES RS1364MN WITH 30PC INCREASE

ISLAMABAD: Pakistan National Shipping Corporation (PNSC) Group has registered 30 per cent increase in its after tax profit which has reached Rs. 1,364 million during first nine months of current year.

The after tax profit of PNSC was Rs. 1,051 million during same period of last year.

Official sources on Friday said earnings per share for PNSC Group have been increased to Rs. 10.33 from Rs.7.96 in corresponding last period of July-March 2016.

Despite the pressure and major financial crunch by global shipping industry due to drastic reduction in bulk freight rates internationally, evident by significant reduction in Baltic Dry Index (BDI) at a lowest of 290 points from a high of 1,222 points last year, PNSC achieved better results by focusing on more profitable ventures besides retaining its repute as one of major contributors to sea borne trade in Pakistan.

The sources said PNSC has made a substantial growth in revenue of 49 percent in area of slot charter and 16.2 percent through own vessel oil business, thereby, offsetting losses incurred on dry bulk segment and maintaining its turnover at competitive level.

The direct operating expenses also reduced by 28 percent to Rs. 6,700 million from Rs. 9,298 million, thereby improving gross profit to Rs. 2,917 million as against Rs. 2,126 million for same period last year.

Regarding future plans, the sources said PNSC has been providing transportation services for liquid imports of the country and added more than 70 percent of the total imports are being transported through PNSC.

In order to expand business and to cater growing need of country’s requirement of liquid and dry imports, it is planned to acquire more oil tankers and dry cargo ships into PNSC fleet.

PNSC has already initiated process of establishing ferry cum cargo service which hopefully will start soon its operation work after completion of the process, the sources said.

Source: http://www.brecorder.com