The first private cargo ship has been registered with Pakistan National Shipping Corporation (PNSC) after lapse of 10 years. “The new ship Mega One after registration with PNSC has left for port Jabal-i-Ali, Dubai carrying containers under Pakistani flag,” Ports and Shipping Minister Babar Ghauri told the reporters. More private ships were expected to come under Pakistani flag soon after the new shipping policy, he said. The Minister said in 1970s Pakistan's shipping industry was large and strong with private ships under Pakistani flags. Later, these private shipping lines opted to operate under the flags of other countries. Realizing the importance of shipping industry in the wake of globalization and increasing trade activity in the region, the government constituted a high level committee including representatives of private ship owners which worked out the new shipping policy, Ghauri said. Under this new policy, he said, the grievances of private ship owners had been redressed and maximum incentives offered to bring more shipping companies under Pakistani flag. “Major issues of private ship owners included insurance, capital gain, mortgage of ships. Now, they could get their ships insured with an insurance company from any country and could hold their capital gains with zero income tax. They also could mortgage their ships with Pakistani banks,” the Minister said.
