KARACHI, March 6: Pakistan is spending $2 billion every year on account of freight charges to foreign shipping companies.

Pakistan National Shipping Corporation (PNSC) has left with only 13 operative ships, capable to lift only six per cent of country’s cargo, claims Masood T. Baghpati, senior vice chairman, FPCCI standing committee on insurance and port, shipping and maritime.

In a letter to President and Prime Minister, he said that 94 per cent of our cargo is being carried out by foreign shipping companies who are charging very high freight rates through their local shipping agents, making exports expensive.

He said Pakistani shipping industry is in bad shape and the country may be deprived of its flat merchant ships in near future.

Masood said that he had submitted a plan to President and PM for development of the shipping industry and building up a mighty merchant navy fleet of Pakistan.