Pakistan National Shipping Corporation Reports Decline in Revenue Amid Vessel Disposal

Karachi: Pakistan National Shipping Corporation (PNSC) disclosed a 19% decline in revenue for the fiscal year 2025 during its corporate briefing, attributing the drop to reduced freight rates and fewer voyages following the disposal of vessels. Despite the downturn in topline figures, the company’s earnings experienced a slight increase due to a one-off financial gain from selling two vessels and a decrease in finance costs.

The shipping company reported a topline of PKR 37.6 billion, a significant drop from the PKR 46.4 billion recorded in FY24. This decline was primarily due to a correction in freight rates alongside a reduction in voyages after the vessel disposals.

PNSC’s earnings for FY25 stood at PKR 20.4 billion, reflecting a modest rise from PKR 20.2 billion in the previous fiscal year. The earnings per share also saw a slight uptick from PKR 101.9 to PKR 103.2. The increase was largely propelled by gains from the vessel disposals, categorized under other income, and a reduction in finance costs.

Moreover, the company benefited from an impairment reversal that contributed a gain of PKR 1.8 billion, contrasting with a loss of PKR 173 million in FY24. This improvement was further supported by the recovery of outstanding receivables from Pakistan State Oil (PSO), which enhanced overall profitability.

The briefing, which was detailed in a report by AKD Securities Limited, provided insights into the financial adjustments and strategic decisions undertaken by PNSC to navigate the challenges posed by the current shipping market environment.