KARACHI: In a major step towards transforming Pakistan into a regional transshipment hub, Federal Minister for Maritime Affairs Junaid Anwar Chaudhry has announced a historic and comprehensive transshipment incentive package for Karachi ports.
Unveiling the policy, the Federal Minister said the initiative is in line with the vision of the Prime Minister to undertake structural reforms in the maritime sector, boost port trade and position Pakistan as a major maritime trade hub in the region.
Under the new policy, the government has decided to drastically reduce handling costs for transshipment cargo to attract global shipping lines to Pakistani ports.
“We are opening our ports to the world with the most competitive incentives in our history. This package will not only increase port activity but will create new economic opportunities for Pakistan,” the Minister said.
Key Highlights of the New Transshipment Policy:
At Karachi Port Trust (KPT):
Up to 80% concession in port handling charges for transshipment vessels
20% to 80% concession in wharfage charges for transshipment cargo
14 days of free storage facility at Karachi Port
30 days of free storage in the TPX area
Additional incentives for vessels bringing higher volumes of transshipment cargo
At Port Qasim:
100% concession in wharfage for transshipment cargo
7 days of free storage at Port Qasim terminals, extendable up to 21 days
Across Terminals:
Container terminals have reduced Terminal Handling Charges (THC) by up to 25%
All old transshipment SROs and notifications have been abolished to ensure a simplified, transparent and investor-friendly regime
The Federal Minister expressed satisfaction over the efforts for promotion of port trade under the leadership of Chairman Karachi Port Trust and Chairman Port Qasim.
He expressed firm belief that the new incentives will bring a historic reduction in the turnaround time of vessels and significantly enhance the competitiveness of Pakistani ports.
On this occasion, chairman KPT added that the policy is progressive in nature, where more incentives will be offered to ships bringing more transshipment cargo, which is expected to result in a substantial increase in Pakistan’s maritime trade volume.
Maritime experts believe the package will make Karachi’s ports far more attractive to major global shipping companies, generate significant foreign exchange, create employment and strengthen Pakistan’s position on the international maritime map.
