Pakistan National Shipping Corporation
 To develop and execute short-term and long-term business plans to ensure sustainable growth of the Corporation as the national flag carrier and a lead player in the shipping industry |
|
| Type | Shipping industry |
|---|---|
| Industry | Shipping and Vessel Industry |
| Genre | Megacorporation |
| Founded | 1971 |
| Founder(s) | Prime minister Zulfikar Ali Bhutto |
| Headquarters | PNSC Building, Moulvi Tamizuddin Khan Road, Karachi - 74000 (Head Office) |
| Number of locations | Gulberg Heights, Lower ground floor, Near sherpao bridge Gulberg, Lahore, Pakistan (Regional Office) |
| Key people | Brig.Gen. Rashid Siddiqi (Chairman) Mrs. Rukhsana Saleem (Member) Mr. Sohrab Adil Gilani (Member) Capt. S. Akhlaq Hussain Abidi Capt. Anwar Shah |
| Products | Cargo Ships, Tankers, Container ships, and Bulk carriers |
| Revenue | PKR Rs. 2000 Million (2010)  |
| Operating income | Rs. 1320.63 Million , |
| Owner(s) | Government Share 77.13% PNSC Employees Empowerment Trust (12%) Institutions (3.80%) Individuals (7.07%) |
| Parent | Pakistan National Shipping Corporation Ordinance of 1979 |
The Pakistan National Shipping Corporation (PNSC) is an autonomous megacorporation owned and run under the control of the Ministry of Ports and Shipping of Pakistan.
Contents |
[edit] History
In 1971, then President Zulfiqar Ali Bhutto nationalized all Pakistan-based shipping companies. Among the companies that were nationalized were the Muhammadi Steamship Company Limited and the East & West Steamship Company.
The nationalized companies were later 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 company has a number of subsidiaries.
On April 21, 2010 Pakistan National Shipping Corporation (PNSC) acquired its third state of the art modern double hull Aframax oil tanker named M.T. “KARACHI” for its subsidiary company, M/s. Karachi Shipping (Pvt) Limited. The M.T. KARACHI is a July 2003, Japanese built, 107,081 deadweight tonnage, double hull, Aframax crude oil tanker. The vessel has been purchased from a company owned by M/s Tsakos Energy Navigation Ltd. - Greece. Induction of M.T. KARACHI is another milestone in heralding an era of rejuvenation, expansion and amplification of PNSC fleet through induction of modern ships to serve Pakistan’s trade and also of the world at large.
[edit] Operations
"PNSC" is the national flag carrier managing a fleet of 11 vessels. The Corporation's head office is located in Karachi. A regional office based in Lahore caters for upcountry shipping requirements. The Corporation also has an extensive overseas network of agents looking after its world wide shipping business.
PNSC is principally engaged in the business of shipping, including charter of vessels, transportation of cargo and other related services. The Group is also engaged in renting out its properties to tenants under long term lease agreements. The Group's registered office is located in Karachi.
PNSC has the following subsidiary companies:[1]
- Bolan Shipping (Private) Limited.
- Chitral Shipping (Private) Limited.
- Hyderabad Shipping (Private) Limited.
- Islamabad Shipping (Private) Limited.
- Johar Shipping (Private) Limited.
- Kaghan Shipping (Private) Limited.
- Khairpur Shipping (Private) Limited.
- Lalazar Shipping (Private) Limited.
- Makran Shipping (Private) Limited.
- Malakand Shipping (Private) Limited.
- Multan Shipping (Private) Limited.
- Sargodha Shipping (Private) Limited.
- Shalamar Shipping (Private) Limited.
- Sibi Shipping (Private) Limited.
- Swat Shipping (Private) Limited.
- Karachi Shipping (Private) Limited.
- Lahore Shipping (Private) Limited.
- Quetta Shipping (Private) Limited.
- Pakistan Co-operative Ship Stores (Private) Limited.
Associate Company
- Muhammadi Engineering Works
National Tanker Company (Private) Limited (NTCL) was an associate company of the Group. The Group owned 50% of the shares capital of NTCL. However, on May 11, 2006, the Group acquired the remaining 50% share capital (1,677,083 shares) of NTCL against total consideration of Rs.168,764,862 based on fair market value of Rs.100.63 per share. Subsequent to the year end NTCL's name has been changed to Karachi Shipping (Private) Limited.
The Group owns 55% of the share capital of Pakistan Co-operative Ship Stores (Private) Limited and 100% of the share capital of the remaining eighteen subsidiary companies. All the fully owned subsidiaries of the Corporation operate one vessel/tanker each except Karachi, Lahore and Quetta Shipping (Pvt.) Ltd. – 2006.
[edit] Board of directors
PNSC Board is nominated by the government of Pakistan. There are five nominated directors, including the chairman, and two directors elected by the shareholders. In addition to above there are five Executive Directors who assist the chairman in the day-to-day affairs of the corporation and head following divisions:
- Administration Division
- Finance Division
- Commercial Division
- Ship Management Division
- Special Projects and Planning Division.
[edit] Chairmen[2]
| Number | Chairmen | From | To |
|---|---|---|---|
| 1 | Rear Admiral Leslie Mungavin | 01 January 1979 | 12 April 1980 |
| 2 | Rear Admiral Abdul Waheed Bhombal | 12 April 1980 | 01 November 1986 |
| 3 | Vice Admiral Yastur-ul-Haq Malik | 01 November 1986 | 08 November 1988 |
| 4 | Vice Admiral Saeed Muhammad Khan | 08 November 1988 | 12 March 1990 |
| 5 | Rear Admiral S. Hamid Khalid | 08 August 1990 | 15 August 1991 |
| 6 | Vice Admiral Ahmad Tasnim | 08 November 1991 | 21 April 1992 |
| 7 | Vice Admiral Mansurul Haque | 17 August 1992 | 06 November 1994 |
| 8 | Rear Admiral Jawaid Ali (Acting) | 07 November 1994 | 28 December 1996 |
| 9 | Vice Admiral Abaidullah Khan | 29 December 1996 | 03 November 2000 |
| 10 | Vice Admiral S. Tauquir H. Naqvi | 06 November 2000 | 05 November 2007 |
| 11 | Vice Admiral Sikandar Viqar Naqvi | 07 November 2007 | 06 November 2009 |
| 12 | Brigadier General Rashid Siddiqi | 07 November 2009 | 21 March 2011 |
| 13 | Vice Admiral Saleem Ahmed Meenai | 21 March 2011 | To Date |
[edit] Fleet
PNSC operates 09 vessels:[1]
- Three multi-purpose cargo ships
- Three Aframax tankers
- Three bulk carrier
Dead Weight Tonnage: 565, 273 DWT
The share holding of the corporation is as follows:
Authorized Capital Rs. 2000 Million
Paid up Capital Rs. 1320.63 Million
Government Share 77.13%
PNSC Employees Empowerment Trust 12%
Individuals 7.07%
Institutions 3.80%
[edit] See also
[edit] References
- ^ a b "Company Profile". Pakistan National Shipping Corporation. 17-Mar-2009. http://www.pnsc.com.pk/profile.html. Retrieved 2009-08-28.
- ^ Malik, Iftikhar Ahmed, History of Pakistan Merchant Navy 1947- 2009 Karachi 2010 (privately published) pg 108
[edit] External links
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