New Rail Service for Pakistan
Pakistan International Container Terminal (PICT), a subsidiary of ICTSI, has launched a dedicated rail cargo service between Karachi and Lahore in cooperation with the state-owned Pakistan Railways.
The cargo rail service is anticipated to move goods faster and at a significantly lower cost than road transport, benefiting major industries in the country including agriculture, textile, fertilizer, sports goods and electronics.
As the only terminal at the Port of Karachi with internal rail connection, PICT says it has a competitive edge in local market and expects to improve its global competitiveness with the new service.
Hosting the nation’s main seaport and financial district, Karachi is a major exporter of cement, machinery, chemicals,and textiles and rice. PICT is located at the east wharf of Karachi Port between the towns of Keamari and Saddar. It lies on a strategic point along the 600-mile long coastline which stretches from the straits of Hormuz to the border with India. PICT handles 85 percent of the Arabian/Persian Gulf market including industrial scrap.
ICTSI reported revenue from port operations of $383.8 million for the quarter ended March 31, 2019, an increase of 18 percent over the same period last year. ICTSI handled consolidated volume of 2,478,672 TEUs for the quarter, an in crease of seven percent over the same period in 2018.