KARACHI: Minister for Ports and Shipping Senator Babar Khan Ghauri said on Friday that despite global financial crunch Pakistan National Shipping Corporation (PNSC) had made a net profit of Rs2.3 billion.

Speaking to PNSC staff at the PNSC building on Friday, the minister said more ships would be inducted in the PNSC fleet while delivery of two tankers purchased by the corporation would be made in November this year.

Appreciating the performance of the PNSC, the minister said all could be achieved through team-work and no individual could deliver alone.

He said after scrapping four ships, the corporation presently has only 11.

However, he assured that owing to ageing fleet more ships would be scrapped and the PNSC would be allowed to purchase new ships to create more jobs for seafarers.

Senator Ghauri said even during these difficult times where many countries are unable to protect jobs, Pakistan is blessed that no lay-offs have taken place officially.

He appreciated the hard work of PNSC staff and announced two bonuses on making handsome profit-after-tax of Rs2.3 billion.

The minister disclosed that a PNSC ship had been arrested at Myanmar, but assured that it would be released within a week and before the court proceedings start.

Giving details, he said that the ship, on its way from China, developed some defect for which it was diverted to Hong Kong for repair and this caused a delay in the delivery of goods to importers of Myanmar who moved the court for damages.

However, Babar Ghauri said that PNI club has been approached and there was nothing to worry about as ship was ensured, including its delivery time and cargo.

He hoped that the ship would be released before the start of court proceedings on giving bank guarantee and the Pakistan embassy has also approached the government in Myanmar.

The 36-member crew of the ship, he said, hopefully would be in Pakistan by the first week of next month.

The minister expressed the hope that Sindh would get Rs194 billion in next National Finance Commission (NFC) award and if given on population basis, it would give Karachi a lion’s share of Rs96 billion.

Babar Khan Ghauri said that the provinces should also distribute NFC award on the basis of population and it would help carry out many development projects of the city.

He, however, said it was more important that after getting due share funds be used honestly and prudently and only then desired results could be achieved.

He regretted that in the past much of development funds were wasted owing to rampant corruption and no development works were carried out.

Earlier, PNSC chairman Admiral Skandar Waqar Naqvi in his address of welcome said that the corporation’s audited financial results for 2008-09 show net profit equal to last financial year.

He said this achievement had been made at difficult times when there was a recession in other parts of the world and the number of PNSC ships declined from 15 to 11 from March 2009, onwards.

He disclosed that the delivery of two tankers purchased by the PNSC was due in October but owners have requested to delay it till Nov 15. As a result of delay in delivery, he said that the PNSC has asked reduction in cost of these vessels by $1 million. He, however, said it is expected that we would finally enter into a deal at a reduction in cost in the range of $50,000 to $100,000. Mr Naqvi said after the induction of these two tankers with double hull, the PNSC could meet country’s POL import haulage up to year 2030.

The PNSC would also be able to enter into purchase contract for other ships before the end of this year, he said and added that the corporation had declared a record dividend and also paid tax to the tune of Rs1.3 billion to the national exchequer.