Islamabad: Prime Minister Muhammad Shehbaz Sharif has directed relevant authorities to acquire ships on lease in an effort to bolster the fleet of the Pakistan National Shipping Corporation (PNSC). This decision comes amid concerns over the significant foreign exchange being expended annually on maritime trade due to the current fleet’s limitations.

During a meeting focused on PNSC affairs, held in Islamabad, Prime Minister Sharif emphasized the financial burden of approximately four billion dollars spent each year from the national treasury on sea trade. This expenditure is attributed to the inadequate number of ships in the PNSC fleet.

The Prime Minister instructed officials to draft a business plan for PNSC within two weeks. The plan should outline a strategy to alleviate the four billion dollar strain on the national exchequer.

In the meeting, which included Minister for Economic Affairs Ahad Khan Cheema, Minister for Maritime Affairs Junaid Anwar Chaudhry, and senior PNSC officials, a briefing was provided on PNSC’s current operations. The corporation currently operates a fleet of ten ships, capable of handling 724,643 tons of cargo.

The initiative to lease additional ships is aimed at enhancing the corporation’s capacity and reducing dependency on foreign shipping services.