KARACHI, Nov 9: Ten new shipping companies are expected to be registered over the next few months that would generate job opportunities for several hundred people.

The ministry of ports and shipping expects heightened activity in the sector in the days ahead with a lot more scope for the seafarers and the people engaged in related allied services.

Currently, only one privately owned vessel—M.V. Mega-I—is operating under Pakistani flag. The shipping circles, however, are of the firm opinion that more investment in the shipping business will be made after formal signing of the amendments in the Pakistan India Shipping Protocol 1975.

The amended shipping protocol is expected to be signed in a month’s time, which will allow the vessels of both India and Pakistan to load third country cargo from each others ports. As a result of this the shipping operations will become more flexible and liberal.

According to official sources the owners of Mega-I had assured the director general ports and shipping of adding three more vessels to its fleet by the end of this year whereas M/s Nissam Shipping has assured the prime minister and the DG ports and shipping to bring their vessels, which are presently registered abroad, for registration under Pakistan flag before the end of this year.

Besides, the ministry of ports and shipping has successfully persuaded a private entrepreneur to operate a ferry service between Karachi and Dubai, which was inaugurated by President Gen Pervez Musharraf.

The ferry service would not only encourage tourism but would also open up new employment opportunities for Pakistani seafarers. In its very first voyage about 50 Pakistani seamen have been employed on the ferry service vessel.

Efforts are being made to further increase the number of jobs in the shipping sector and it is encouraging to note that the owner of the vessel has expressed his resolve for hiring more Pakistani crew.

Moreover, with the active support of the private shipping companies the directorate general has been encouraging foreign shipping lines like NYK and Maersk to hire Pakistani crew onboard as the national carrier of Bangladesh is reportedly employing Pakistani seafarers. This would help improve the level of remittances to the the country.

Shipping circles believe that the current informal trade between India and Pakistan, which reportedly stands at $2 billion per annum, has been routing through Colombo, Salalah and Dubai ports and is adding up to the freight costs due to the double handling. After the shipping protocol becomes effective it would induce business community to invest in ship--owning industry under Pakistan Flag.