Skip to main content

Pakistan signs maritime deal with Chinese shipping giant to boost collaboration

Pakistan’s shipping sector is set for a major transformation following the signing of a Memorandum of Understanding (MoU) with China on Thursday, a statement from the Press Information Department said.

The MoU was signed between the CEO of Pakistan National Shipping Corporation (PNSC) and the chairman of China’s Shandong Xinxu Group, Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry.

“The signing of this MoU symbolises a growing partnership between Pakistan and China in the maritime domain, paving the way for future cooperation, investment, and development in Pakistan’s shipping industry,” Chaudhry said while addressing the signing ceremony, according to the statement.

He emphasised that the collaboration will boost regional trade, enhance connectivity, and strengthen Pakistan’s role in the global maritime industry through cooperation and shared economic goals.

PNSC, headquartered in Karachi, is Pakistan’s premier national flag carrier, operating under the Ministry of Maritime Affairs. The Shandong Xinxu Group Corporation, based in Zibo City, Shandong Province, is a leading Chinese enterprise engaged in international trade and shipping.

“This MoU establishes a framework of mutual trust and cooperation between the two entities, aimed at pursuing commercial benefits and creating favourable conditions for investment in Pakistan’s maritime sector,” the statement further quoted the minister as saying.

“The understanding primarily focuses on collaborative efforts in several key areas. These include the sale and purchase of merchant cargo vessels such as liquid bulk tankers, dry bulk carriers, and containerised ships under joint or individual ownership, as well as through profit and loss sharing arrangements.”

The MoU, per the statement, also encompasses the leasing of such vessels by Xinxu to PNSC through various charter mechanisms, including time, spot, and bare boat charters.“

Another major component of the MoU involves PNSC offering commercial, technical, and administrative management services for vessels as mutually agreed, covering areas such as chartering, marketing, revenue optimisation, maintenance, dry-docking, crewing, and regulatory compliance.

“The MoU includes provisions for financing arrangements by Xinxu to PNSC for investments in ships and other floating platforms. These arrangements will be governed by commercially competitive terms, ensuring mutual benefit and financial viability,” said the statement.

In June, PNSC aimed to generate an estimated $700 million in freight earnings by expanding its cargo fleet to 34 vessels over the next three years as part of a broad strategy to revitalise the country’s maritime and logistics sectors.



from The Dawn News - Home https://ift.tt/Tkqcf28
Labels:

Comments

Post a Comment

Popular posts from this blog

Ministers rubbish notion that proposed retirement age extension to favour ‘one particular institution’

Information Minister Attaullah Tarar on Tuesday rubbished the notion that a proposed extension in the retirement age was to favour “one particular institution”, adding that the move would be implemented across the board if approved. The rebuttal comes in the wake of media reports claiming that the government was mulling changes to the Constitution to fix the tenure of the chief justice . Currently, judges of the Supreme Court, including the chief justice, retire after attaining the age of superannuation, i.e. 65 years, as stipulated in Article 179 of the Constitution. While giving his opinion recently on the reports of the constitutional amendment, Law Minister Azam Nazeer Tarar had said he “will not vehemently turn down the proposals related to the tenure of the chief justice”. Addressing the issue during a press conference in Islamabad today along since Finance Minister Muhammad Aurangzeb and the law minister, Attaullah said the extension in the retirement age was “a proposal to a...
Post a Comment
Read more

Explainer: Iran’s economy faces rocky road amid rising prices, falling currency

Iran’s economy is going through one of its most difficult periods in years, fueled by sanctions, high inflation, and a significant drop in the value of the national currency, the rial. These pressures have had a direct impact on living standards and have also fueled recent protests. The protests began on Dec. 28 in commercial hubs in the capital Tehran, when shopkeepers, merchants, and small business owners staged strikes and demonstrations to protest soaring inflation, the collapsing rial, and deteriorating economic conditions, and have since grown into nationwide anti-government expressions of discontent involving workers, students, and others across multiple cities. The Iranian president said Sunday that his government is determined to address Iran’s economic problems amid the protests. Masoud Pezeshkian said the government admits to “shortcomings and problems” and is working hard to alleviate the people’s concerns, especially on the economy. Currency collapse at the centre of c...
Post a Comment
Read more

The Republican primary race for president in 2024

The Republican primary race for president in 2024 is already shaping up to be a competitive one. There are a number of high-profile candidates who have already announced their intention to run, and more are expected to join the field in the coming months. The frontrunner for the nomination is former President Donald Trump. Trump has been teasing a 2024 run for months, and he has a large and loyal following among Republican voters. However, he is also a polarizing figure, and his candidacy could alienate some moderate Republicans. Another potential contender for the nomination is Florida Governor Ron DeSantis. DeSantis has been praised by many conservatives for his handling of the COVID-19 pandemic and his opposition to vaccine mandates. He is also seen as a rising star in the Republican Party. Other potential candidates include former Vice President Mike Pence, former Ambassador Nikki Haley, and Senator Tim Scott. Pence is a more traditional Republican who could appeal to moderate vote...
1 comment
Read more