KARACHI: Maersk Line Pakistan (Pvt) Limited has encroached land of Karachi Port Trust (KPT) situation at Mai Kolachi Road, Karachi.
(more…)Category: Ports and Shipping
-
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.
(more…) -
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.
(more…) -
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.
(more…) -
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.
(more…) -
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.
(more…) -
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.
(more…) -
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.
-
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.
(more…) -
ECC approves clearance of banned items landed till August 18, 2022
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the customs clearance of banned items, which landed till August 18, 2022.
Federal Minister for Finance and Revenue Miftah Ismail virtually presided over the meeting of the ECC. Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmmod, Federal Minister for National Health Services, Regulations and Coordination Abdul Qadir Patel, MNA/ex-PM Shahid Khaqan Abbasi, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani, Chairman NDMA, Chairman FBR, Federal Secretaries and senior officers attended the meeting.
READ MORE: USC to disburse ration bags worth Rs540 million to flood victims
The ECC considered a summary of Ministry of Commerce on clearance of stuck up consignments in light of office memorandum dated 22 July, 2022, 19 August, 2022 and 23 August, 2022 issued by Ministry of Commerce.
The ECC approved the proposal and directed that the consignments of previously banned items that landed in Pakistan till August 18, 2022 may be released at the rate of surcharge.
Ministry of National Health Services, Regulations and Coordination presented a summary for exemption of Active Pharmaceutical Ingredients (APIs) from Custom Duty and Additional Custom Duty.
READ MORE: Pakistan State Oil gets Rs30 billion to avoid default
The ECC after discussion directed Ministry of National Health Services, Regulations and Coordination to withdraw the summary and submit a fresh summary to rationalize price of paracetamol to ensure its availability.
The summary presented by Ministry of National Food Security and Research regarding import of Wheat through Gwadar sea port was deferred by ECC.
National Disaster Management Authority (NDMA) presented a summary for allocation of funds for procurement and logistics of relief items for flood affectees and apprised about devastation caused by the recent floods in Pakistan. In order to provide immediate relief to the flood affectees, NDMA started procurement on emergency basis costing Rs. 2.4 billion.
READ MORE: Pakistan decides to lift ban on imported goods
Due to colossal damages, the already procured items are not sufficient viz-a-viz relief requirement in the flood affected areas.
Therefore, NDMA placed orders for procurement of more items at cumulative cost of Rs. 7.113 billion, which are being procured in emergency to provide relief to affectees. Previously, NDMA was allocated Rs. 8 billion for procurement and logistics cost of relief items to the flood affectees.
READ MORE: 15% surcharge imposed for clearance of banned items
The amount was insufficient as the cost of only procurement has surpassed Rs. 9.5 billion. Besides procurement, NDMA is also undertaking logistics of all relief goods and materials provided by friendly countries.
Foregoing in view, the ECC approved allocation of Rs. 10 billion to National Disaster Management Authority (NDMA) with direction to the Finance Division to immediately release Rs. 5 billion to NDMA.