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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.



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