The Pakistan National Shipping Corporation (PNSC) has signed a non-committal Memorandum of Understanding (MoU) with Shangdong Xinxu Group Corporation of China for a duration of 12 months.
The agreement, disclosed to the Pakistan Stock Exchange on Thursday, outlines mutual cooperation and commercial engagement between the two organisations.
“This MoU establishes a relationship of mutual cooperation and trust between the Parties for the objective of commercial benefits to each Party and to create favourable conditions for investments primarily in the maritime sector of Pakistan and to explore business opportunities of mutual interest in international shipping sectors,” read the PNSC’s notice sent to the PSX.
PNSC management emphasised that the collaboration is intended to create a favorable environment for growth in maritime commerce while reinforcing Pakistan’s position in global shipping networks.
PNSC is a national flag carrier of Pakistan. It came into existence by a merger of National Shipping Corporation (NSC) and Pakistan Shipping Corporation in 1979 through Pakistan National Shipping Corporation Ordinance No. XX. The corporation also has an extensive overseas network of agents looking after its worldwide shipping business.
Shandong Xinxu Group, established in 2010 in Shandong Province, China, began with R&D and manufacturing of lead-acid battery equipment. In 2014, it acquired Yantai Goldentide Unikodi Battery Co. and entered the traction and industrial battery market.
By 2016, it expanded into environmental, lithium, and nuclear equipment and formed a joint venture with CSIC for oil field equipment. In 2019, it launched an international trading branch to manage global operations.
