KARACHI, July 22: Four fishing vessels with a gross tonnage ranging from 175 to 225 tons have been registered under Pakistan flag. ‘Mega-1’ was to be first private sector ship to come under national flag, about a month back, paving the way for private sector to join the industry under relaxed and amended shipping policy.

According to official sources the Director General Ports and Shipping had registered the specialised jigging vessels meant for catching squids and exporting them to international market.

Previously these fishing vessels were registered under foreign flag and were based in China. However, the owners of these vessels were contemplating to register another 10 deep-sea fishing vessels under Pakistan flag for the purpose of export of sea food.

Meanwhile, the owners of ‘Mega-1’ were planning to acquire another vessel –- ‘Mega-2’. However, the new vessel would only be registered under national flag once the shipping protocol between Pakistan and India was singed.

Sources said that the owners were keen to register the vessel under Pakistan flag but would first like to see that the Shipping Protocol was signed and free market access to Indian freight market was available.

Last year both countries agreed to make necessary amendments in the shipping protocol of 1975 in order to allow the vessels to lift cargo for third country from their ports on flag vessels of either country. However, Pakistan has given its approval but is waiting for the Indian Cabinet to give its approval.

Pakistani ship-owners are now expectantly eyeing India’s 500 million tons annual freight market, which will be opened to them after the Indian cabinet has given its approval to the amendments to the “restrictive” Clauses 3 and 5 of the existing Shipping Protocol.

Sources said that more tonnage under Pakistan flag would be registered as private sector was now showing confidence in the government policies and concessions given under amended shipping policy.

Major irritants such as availability of finances from local banks for shipping industry and permission to insure vessels with foreign companies had been removed. Moreover, using of vessels as collateral for funding from local banks had also been allowed.

Shipping circles also believe that once the government takes a courageous step of disinvesting the Pakistan National Shipping Corporation (PNSC), the private sector ship-owing will flourish and this will open up new vistas and avenues for employment and growth of shipping industry.