TC Sep-Oct 2022 Issue

TRADE CHRONICLE Sep - Oct - 2022
Abdul Rauf elected unopposed
as Chairman of PSAA
Mr Abdul Rauf has been elected
unopposed as Chairman of the
Pakistan Ship’s Agents Association
(PSAA) for 2022-2023 at AGM, held in
Karachi recently. Likewise, Mr Asim
Saeed Khan was elected Senior Vice
Chairman, and Mr Taimur Badat Vice
Chairman for PSAA, respectively.
The other executive committee
members for the term 2022-2023
are Capt. Syed Nazar Haider, Mr
Ahmad Omar, Mr Syed Adnan Ahmad
Mahmoodi, and Mr Amin Sardar Ali
Bhola.
The incoming Chairman, Mr Abdul
Rauf, appreciated the
outgoing Chairman, Capt.
Javed Iqbal and his team
for their hard work to
serve the interests of the
Ports and Shipping sector,
which is vital for every
country’s development
and economic progress.
PNSC posts highest profit in FY22
Despite the challenging global
economic environment, Pakistan
National Shipping Corporation (PNSC)
Group has achieved highest to date
annual net profit after taxamounting to
Rs.5,650 million during the year 2021-
22 as compared to Rs.2,264 million
during the preceding year.
According to results announced the
earnings per share (EPS) of the PNSC
(Group) is Rs.42.75 as against Rs.17.14
in the comparable period last year.
PNSC has declared dividend of Rs.5 per
share (50%), which is also the highest
ever in the history of PNSC.
Cumulatively, the Group
achieved a turnover
of Rs.27,714 million as
compared to Rs.12,789
millionfor the same
period last year. The
major increase seen in
revenue was from Liquid
Cargo which increased
by Rs.10,641 million
considering the increase
Pakistan Ship’s Agents Association
(PSAA) was formed in 1976 and is the
largest and oldest Trade Association
representing Shipping Lines/Agents
whose 54 members handle all types of
cargo, i.e. containerized cargo, liquid
cargo and dry bulk cargo at Pakistani
seaports.
PSAA’s main objective is to resolve
problems its members face and make a
positive contribution to the long-term
progress of the Ports and Shipping
industry in Pakistan.
PSAA enjoys a high reputation at all
official levels, including the Ministry
of Maritime Affairs (MOMA), Karachi
Port Trust (KPT), Port Qasim Authority
(PQA), Gwadar Port Authority (GPA),
Customs, FPCCI, etc.
Its members are
represented on several
high-profile committees
formed by the Federal
Government from time to
time at MOMA, KPT, PQA,
GPA, KDLB, Planning
Commission, etc.
of Rs.4,358 million from
owned oil tankers followed
by increase of Rs.6,283
million from foreign flagged vessels.
The Dry Cargo segment (including slot
charter) increased by Rs.4,266 million.
The Bulk Carrier revenue increased
primarily due to the increase in average
Charter Rates and hike in average BDI
as compared to last year.
The PNSC managed fleet comprises
of eleven (11) vesselsof various types
/size (05 bulk carriers, 04Aframax
tankers and 02 LR-1 clean product
tankers).Subsequent to the year end,
PNSC procured two (02) Aframax
vessels which resulted in an increase of
total deadweight tonnage (DWT) to
1,045,657 metric tons
which isalso the highest
ever carrying capacity
since PNSC’s inception.
Moreover, PNSC plans to
enhance its fleet further
by purchasing more
vessels in the coming
financial year.
Rear Admiral Jawad Ahmed,
assumed Chairman PNSC
Rear Admiral Jawad
Ahmed, SI(M)
has assumed the
charge of the post of
Chairman Pakistan
National Shipping
Corporation
with effect from
30thSeptember, 2022. The PNSC Board
of Directors in a meeting earlier ratified
the nomination of Rear Admiral Jawad
Ahmed, SI(M) as Chairman PNSC, as
notified by the Establishment Division
and Ministry of Maritime Affairs
notifications.
PNSC Board welcomed him and
assured full cooperation and support
for the organization. Further, Mr. Asad
Chandna, as ex-Officio, Additional
Secretary, MOMA, Ms. Alia Shahid, as
ex-officio DG Port and Shipping, Mr.
Anwer Sheikh, as ex-officio, Additional
Secretary (Corporate Finance),
Finance Division have joined as new
Board Members on the PNSC Board
of Directors and also attended the
aforesaid PNSC Board Meeting.
New goods clearance rules
The customs department has proposed
new rules for the self-clearance of
goods at ports without using customs
agents. A customs notification
SRO1764 was released recently to get
feedback from all stakeholders. The
notification seeks feedback within 15
days of the publication of the draft
amendments.
“Any objections or
suggestions which
may be received
from any person,
before the expiry of
the aforesaid period,
will be taken into
consideration by the
Federal Board of Revenue,” stated the
notification. Under self-clearance,
a person or his employee, or his
authorised representative, transacts
customs business without using a
customs agent. However, this will be
subject to all procedures notified in the
notification.
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