Pakistan logistics firm acquires 30% shares, management control of PNSC

In a landmark development for Pakistan’s maritime sector, 30% of the shares of Pakistan National Shipping Corporation (PNSC) have been sold to a local logistics company, according to sources in the Ministry of Maritime Affairs.

The stake sale has come at a time when PNSC is eyeing fleet expansion and business transformation through new investments.

Sources added the logistics company can acquire the management of PNSC after the share purchase.

The final date for the transfer of control has not yet been set, sources said.

On Tuesday, PNSC's share price increased by PKR 4.15% or 9.2%.

PNSC expansion plans

The reported sale has gained added significance following the recent addition of five new vessels to PNSC’s fleet.

Earlier this year, PNSC announced a major fleet expansion backed by a planned investment of approximately $500 million.

Under the expansion plan, PNSC aims to grow its fleet to at least 20 vessels by the end of fiscal year 2026, with broader targets to ultimately operate as many as 30 vessels, supporting long-term growth and improved national cargo capacity.

According to the company, the Karachi Port Trust and Port Qasim have issued letters of intent and pledged financial assistance for the growth plan.

The shipping line is also pursuing a wider business strategy that includes partnerships and enhanced maritime cooperation, including a memorandum of understanding with China’s Shandong Xinxu Group.

The company's leadership has indicated that the expansion will raise operating and fixed costs in the short term — such as depreciation and insurance — but is intended to boost shareholder value and long-term competitiveness.

PNSC also plans to increase freight earnings to an estimated $700 million by expanding its cargo operations and handling a larger share of national cargo movement over the next three years.

Financial results

The state-run firm has significant cash reserves, with PKR 68 billion in cumulative cash and short-term investments and earnings of around PKR 20.46 billion for the fiscal year 2025.

The company's revenue fell 19% from last year, and gross profit dropped 40%, largely due to the sale of three revenue-generating tankers in the second half of FY25.

The disposals generated PKR 13.2 billion in other income, helping the company maintain bottom-line results.