ISLAMABAD: The Ministry of Mari­time Affairs has prepared the draft of a new shipping policy, which includes provisions aimed at providing financial sec­u­rity to the owners of registered ships. ‘Pakistan Shipping Policy 2024’ will replace Pakistan Merchant Marine Policy 2001, as well as the amended version of 2019. The ministry organised a workshop of stakeholders on Wednesday to discuss the draft of the new shipping policy. Maritime Affairs Secretary Syed Zafar Ali Shah, chairpersons of port authorities, senior officials of the maritime affairs ministry and stakeholders from the private sector participated in the workshop. The policy makes it possible by legislation to furnish a bond of adequate amount to owners of any registered ship if it is detained or seized for any reason within the territorial jurisdiction of Pakistan, and it should be within 24 hours after taking the surety bond. The secretary of maritime affairs informed participants of the workshop that the Shipping Policy 2024 has been made in accordance with the standards and rules of the International Maritime Organisation. It was noted that the government should ensure that if the case is settled, the bail bonds are returned within one month. In this regard, a help desk should also be established within the ministry of maritime affairs and special courts related to maritime affairs should also be set up having powers equal to high courts. The draft proposes that the newly registered Pakistani shipping company will pay $0.75 per gross registered tonnage for five years, while currently the Pakistan National Shipping Corporation (PNSC) is paying $1 per gross registered tonnage on its revenue. The rebate of $0.25 to new companies is likely to encourage domestic and national investors to show interest in maritime industry. The draft has proposed that the registered Pakistani shipping companies would be allowed to seek financing from foreign financial institutions and banks. A proposal to grant tax exemption for 10 years to new foreign shipping companies was brought forward by the participants of the workshop, and they stressed for assistance by state authorities to Pakistan shipping companies in opening foreign currency accounts.