PNSC adds three vessels, orders new container ship
KARACHI: Pakistan National Shipping Corporation (PNSC) made significant progress on its fleet expansion strategy during fiscal year 2025-26, successfully inducting three new vessels while also placing an order for a new container ship with Karachi Shipyard and Engineering Works.
According to PNSC’s annual report, the Corporation inducted MT Karachi, MT Lahore and MT Quetta into its operational managed fleet during FY2025-26.
The vessel acquisitions followed the successful approval of PNSC’s independent procurement policy in the previous financial year. The streamlined procurement framework was approved by the Cabinet Committee on State-Owned Enterprises (SOEs), enabling the Corporation to accelerate implementation of its fleet expansion strategy.
PNSC said the addition of the three vessels has strengthened its operational capacity and enhanced fleet versatility, positioning the Corporation to benefit from favorable market conditions while maintaining compliance with international maritime standards and its procurement protocols.
PNSC backs local shipbuilding
In addition to acquiring vessels from international markets, PNSC has taken a strategic step to support Pakistan’s indigenous shipbuilding industry by placing an order for a new container vessel with Karachi Shipyard and Engineering Works.
The move marks PNSC’s commitment to strengthening domestic maritime construction capabilities, creating employment opportunities and developing technological expertise in Pakistan’s shipbuilding sector.
The initiative is also expected to contribute to the development of local maritime infrastructure and support the growth of Pakistan’s broader maritime industry.
Ziad Bashir appointed independent director
During the year, the Federal Government appointed Ziad Bashir as an independent director on the PNSC Board for a three-year term.
The Board has established several committees to assist in discharging its responsibilities relating to the overall control and management of the Corporation’s business operations.
These include the Audit Committee; Human Resources, Nomination and CSR Committee; Sustainability, Strategy and Risk Management Committee; and Procurement Committee.
PNSC said all members of the Board serving as of June 30, 2026, had obtained the required certification under the Directors’ Training Program from institutions approved by the Securities and Exchange Commission of Pakistan (SECP).
Board strengthens oversight and governance
The Board continued to meet regularly during FY2025-26 to effectively discharge its responsibilities and remained updated on the Corporation’s objectives, goals, strategies and financial performance.
Management, internal and external auditors, as well as independent consultants, provided regular presentations to the Board, enabling it to provide timely direction and oversight on key matters.
The Board’s performance evaluation was also conducted during the year in accordance with the requirements of the State-Owned Enterprises (Governance and Operations) Act, 2023 and the Evaluation Guidelines 2024 for SOEs.
According to the annual report, the evaluation was aimed at ensuring that the Board operates efficiently and effectively and in the best interests of the Corporation. The assessment confirmed that the Board’s overall performance during the year was effective.
PNSC introduces integrated ESG and CSR reporting
PNSC also took a significant step towards strengthening its sustainability framework during FY2025-26 by developing a comprehensive Environmental, Social and Governance (ESG) and Corporate Social Responsibility (CSR) report.
The Corporation described the initiative as its first formal and integrated approach to reporting its sustainability performance.
The report reflects management’s commitment to embedding ESG principles and CSR considerations across PNSC’s strategy and operations, in line with regulatory requirements and international best practices.
The initiative is expected to further strengthen PNSC’s sustainability, governance and corporate responsibility framework as the Corporation continues its fleet expansion and modernization strategy.
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