The Federal Board of Revenue (FBR) has announced that Uzbek transit goods can now be processed through Customs-ports and terminals in Karachi Port, Port Muhammad Bin Qasim, and Gwadar Port under the Uzbekistan-Pakistan Transit Trade Agreement.
(more…)Category: Ports and Shipping
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Maersk Pakistan encroaches KPT land
KARACHI: Maersk Line Pakistan (Pvt) Limited has encroached land of Karachi Port Trust (KPT) situation at Mai Kolachi Road, Karachi.
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Business community cries foul over delay in release of stuck-up containers
KARACHI: Business community cries foul over delay in release of stuck-up containers at ports despite assurance of government authorities.
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LC restrictions open doors for smuggling of automobile spare parts
KARACHI: Restrictions imposed on opening of Letter of Credit (LC) for import payment have given massive rise to smuggling of automobile spare parts.
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KCCI urges shipping lines, terminal operators to waive detention, demurrage charges
Karachi Chamber of Commerce and Industry (KCCI) on Saturday urged shipping lines and terminal operators to waive demurrage and detention charges to stuck-up containers at ports.
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SBP amends QCR rating criteria for certifying remittance verification
KARACHI: State Bank of Pakistan (SBP) has amended Quality Control Review (QCR) criteria of accountancy firm regarding certification of remittance verification.
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KCCI hails decision to waive demurrage, port charges
Karachi Chamber of Commerce and Industry (KCCI) on Tuesday appreciated the government decision to waive demurrage and port charges on all stuck up containers.
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Pakistan waives port charges for stuck up containers for non-opening LCs
KARACHI: Pakistan has waived demurrage and detention charges for stuck containers at ports due to non-opening of letter of credits (LCs), a senior minister announced on Monday.
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PNSC recommends tax incentives for shipping industry to grow
Pakistan National Shipping Corporation (PNSC) has emphasized the need to introduce tax incentives to help shipping industry to grow.
In an analyst briefing a day earlier, the company emphasized the need to introduce tax incentive measures to flourish the shipping industry which will minimize outflow of valuable national foreign reserves.
According to Insight Research, PNSC held its analyst briefing to comment on its financial result of fiscal year 2021/2022 and to shed some light on company’s future outlook. Major highlights of the session are given below:
PNSC has posted topline of PKR28 billion in FY22, up by 117 per cent as compared to same period last year (SPLY). Whereas profit after tax (PAT) stood at PKR5.7 billion (EPS: PKR42.75) vs. PKR2.3 million (EPS: PKR17.14) in SPLY. Where in 1QFY23, company has posted PAT of PKR 5.3 billion (EPS: PKR40.80), up by 8.5x YoY.
Gross margins of the company increased to 29 per cent in FY22 from 22 per cent in FY21 due to higher crude oil freight rates. Similarly, net margins increased to 20 per cent in FY22 from 18 per cent in SPLY.
Company’s current deadweight tonnage capacity reached to 1.05 million tons which is highest ever in its inventory. To highlight, company has recently added 2 vessels (Aframax tankers) in August 2022 with a combined capacity of 0.21 million.
Company’s current fleet strength comprise of 13 vessels, out of which 8 are oil tankers and 5 are bulk carriers.
Company is considering different options i.e by selling in scrap or dry docking or using as a storage terminal to dispose their 3 old vessels.
As per management, average life of the ship is 20 years based on cost effectiveness. However, using a ship higher than this age will normally increase the maintenance cost for the company.
Global oil freight charges are on the rising trend due to EU sanctions against Russian crude and refined oil product imports which will likely result in increased profitability for the company in coming quarter.
Company is further planning to add Afra max tanker, IMO type-II tanker and Ultra max bulk carrier in their fleet and estimated cost for adding these vessels are $150 million on current levels.
While commentating on company’s plan to diversify its operations, company is planning to enter new markets including Edible oil transportation which is currently being imported on CFR basis.
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Sindh exempts sales tax on services provides for floods relief by customs agents, port operators
The Sindh government has taken a significant step in supporting flood relief operations by exempting sales tax on services provided by customs agents and terminal operators.
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