Pakistan National Shipping Corporation

The Pakistan National Shipping Corporation (PNSC) is a Pakistani national flag carrier headquartered in Karachi.[3] In 2022 under the chairmanship of Rizwan Ahmed, PNSC recorded its total deadweight tonnage (DWT) at 1,045,657 metric tons which is to date the highest ever carrying capacity achieved since its inception.[4] The corporation is principally engaged in the business of shipping, including charter of vessels, transportation of cargo and providing commercial, technical, administrative, financial and other services to its subsidiaries and third parties.[5][6]

The Chairman of PNSC is appointed by the Prime Minister of Pakistan and is usually a high-ranking civil servant or naval admiral. Officers who have served as Chairman PNSC include Pakistan Administrative Service bureaucrats Rizwan Ahmed and Shakeel Ahmed Mangnejo, Admiral Tauqir Hussain Naqvi, Admiral Yastur-ul-Haq Malik, Admiral Saeed Mohammad Khan and Admiral Mansurul Haq.[7]

History

The Pakistan Merchant Navy was formed after independence in 1947 when Pakistan inherited a fleet of four privately owned cargo ships. The Ministry of Maritime Affairs, Mercantile Marine Department and Government Shipping Office established by the Government of Pakistan were authorised to flag the ships and also ensured that the vessels were seaworthy.

In 1963, the National Shipping Ordinance was promulgated and National Shipping Corporation (NSC) was established which procured its first used ship, M.V. Rupsa in 1965. The national fleet comprised some 53 vessels which were owned by 10 private shipping companies. The national fleet grew to 71 vessels before the separation of East Pakistan and its emergence as Bangladesh in 1971 when the number declined to 57 vessels after the separation.

On 1 January 1974, President of Pakistan Zulfiqar Ali Bhutto nationalised Chittagong Steamship Corporation and Trans-Oceanic Steamship Company, owned by the Dinshaw family; East & West Steamship Company, owned by the Cowasjee family; Muhammadi Steamship Company Limited and Gulf Shipping Corp Ltd, owned by the Valika family; United Oriental Steamship Company, owned by the Chinioti Buksh family; Pan Islamic Shipping, owned by Saudis; Crescent Shipping, owned by the Crescent Group; and National Shipping Corporation (NSC). Nine private shipping companies with a total of 26 ships were nationalised.[11][12] The national fleet strength increased to 51 vessels including 26 ships under the management of nine nationalised companies and 25 ships with the state-owned NSC.

In 1977, 14 ships were inducted in the Pakistan Shipping Corporation (PSC) during the Fifth Five-Year Plan. Two years later, NSC and PSC were merged to form the Pakistan National Shipping Corporation (PNSC) which still remains the sole state-owned shipping corporation.

Later other nationalised companies were also merged into a single company as the Pakistan National Shipping Corporation, incorporated under the provisions of the Pakistan National Shipping Corporation Ordinance of 1979 and the Companies Ordinance of 1984, respectively. The total fleet strength increased to 60 ships with the induction of 14 vessels in the late 1970s and early 1980s. PNSC enjoyed a complete monopoly till the early 1990s when the shipping sector was deregulated by the Nawaz Sharif government.

Former company titles

Muhammadi Steamship Company Limited was incorporated on 12 May 1947.[13] In 1949, it became the first Pakistani shipping line to be publicly listed on the Karachi Stock Exchange.[14]

Muhammadi House on McLeod Road (now I. I. Chundrigar Road) was the headquarters of the company.[15]

The company was nationalised by the Government of Pakistan under then President Zulfikar Ali Bhutto. It was later merged with other Pakistani nationalised shipping companies to create the Pakistan National Shipping Corporation.

East & West Steamship Company was one of the oldest locally owned shipping line in Pakistan until it was nationalised in 1974. Its ship, SS Fatima was the first ship ever registered at the newly established Port of Registry at Karachi in August 1948.[16] It was owned by the Cowasjee family. The company was restructured as the 'East and West Steamship Co. Ltd.' in 1961

The National Shipping Corporation (NSC) was established under the National Shipping Corporation Ordinance, 1963, with a view to provide efficient shipping services. The corporation was managed by a Board of nine directors, out of which five including the chairman, the managing director and the Financial Director were appointed by the Central Government and remaining four were elected by the shareholders from each Province. The authorized capital of the corporation was Rs. 250 million and the subscribed capital was to be Rs. 50 million. The share of Central Government in the capital was 25% and the balance of 75% was raised from the public in East and West Pakistan on the basis of parity.

In 1974 the Federal Government decided to take over the management and control of entire shipping in Pakistan, including NSC through promulgation of the Pakistan Maritime Shipping (Regulation and control) Ordinance, 1974 which later on became an Act. In September, 1976 the Federal Government established the Pakistan Shipping Corporation (PSC) under the Pakistan Shipping Corporation Act, 1976, to take charge of ten shipping companies and operate as a parallel corporation with the National Shipping Corporation (NSC).

type	Public
traded as	karse: PNSC
genre	Megacorporation
predecessor	Chittagong Steamship Corporation Crescent Shipping East & West Steamship Company Gulf Shipping Corp Ltd Muhammadi Steamship Company Limited National Shipping Corporation Pakistan Shipping Pan Islamic Shipping Trans-Oceanic Steamship Company United Oriental Steamship Company
foundation	1971
key people	Sultan Chawla‡R1R‡ ( Chairman )
location city	Karachi-74000
location country	Pakistan
industry	Shipping and Vessel industry
products	Cargo Ships, Tankers, Container ships, and Bulk carriers
profit	Rs. 30 Billion‡R2R‡ ( Profit after tax as of June 2022 )

Pakistan National Shipping Corporation

History

Subsidiaries

Former company titles

Fleet

Merchant Navy Rank Insignia of Deck Officers and Engineer Officers

See also

External links

References