AP Moller-Maersk has revealed it is helping shipments to keep moving out of Pakistan despite the country’s foreign exchange crisis.
Last month, shipping agents in Pakistan warned that overseas container lines could halt export sailings after banks stopped making freight payments due to a lack of US dollars.
Maersk told TradeWinds the country is an extremely important one for the group “from the perspective of playing the role of an enabler of global trade”.
“Maersk has been an open and trusted partner for the import and export businesses in Pakistan for over 30 years and in recent years expanded operations to support its customers’ end-to-end supply chains through integrated logistics services,” the shipowner added.
The company explained it has always engaged with government, ministries, different trade bodies, financial institutions and customers to find the best solutions that favour trade and that benefit all stakeholders.
“In the current macroeconomic challenges, Maersk has further strengthened the dialogue with all its stakeholders to ensure that trade functions as smoothly as possible,” the Danish group said.
Maersk told TradeWinds that through collaborative efforts with the government, financial institutions and other stakeholders several unspecified measures have been put in place to overcome any problems.
“These measures have shown positive results and we are constantly striving to find ways to serve our customers better,” the company said.
“Maersk stays committed to the Pakistani market and we will continue to connect and simplify our customers’ supply chains,” it added.
Warning to the government
Pakistan Ship’s Agents Association chairman Abdul Rauf had earlier warned finance minister Ishaq Dar in a letter: “If the international trade is stopped, the economic situation will worsen.”
Rauf asked for state intervention to help ensure payments can still be made.
On the prospect of a halt to services, German container line Hapag-Lloyd told TradeWinds: “There is indeed some concern on freight remittance but at present no single major shipping line has decided to take such action.”
Lines receive $5bn per year from Pakistan’s exporters, paid mainly in US dollars.
Foreign exchange reserves have dwindled to $4bn and this has also had an effect on the ship recycling sector, as state banks have not issued letters of credit for breakers to bring vessels into the country.
