Federal minister announces demurrage waiver on KPT auctioned containers
2026-03-09 - 15:33
KARACHI: Federal Minister for Maritime Affairs Junaid Anwar Chaudhry has announced a waiver of demurrage charges on auctioned containers at the Karachi Port Trust (KPT), aiming to reduce congestion at the country’s busiest port. The decision was made in collaboration with private terminal operators at KPT. Under the new measure, KPT will not collect demurrage charges on auctionable and auctioned containers, provided they are cleared within seven days of notification. According to the minister, the move is a significant step to ease port congestion, speeding up customs clearance and reducing delays caused by stuck containers. It will also benefit the trading community by freeing space for incoming transshipment cargo, improving the overall efficiency of port operations. Junaid Anwar Chaudhry emphasized that the demurrage waiver reflects KPT’s proactive strategy to address congestion issues and demonstrates the government’s commitment to making port activities more effective, which in turn supports Pakistan’s economic growth. The minister said the initiative will enhance operational efficiency at KPT while providing direct relief to importers and exporters, ensuring smoother cargo movement in and out of Karachi. Oil Price in the International Market In the volatile world of the international oil market, prices are once again making headlines as geopolitical tensions escalate. As of March 9, 2026, Brent crude oil prices have surged to approximately $103 per barrel, marking a dramatic increase of over 10% in a single day. Similarly, West Texas Intermediate (WTI) crude is trading around $100 per barrel, reflecting the same upward pressure. This sharp rise comes amid growing fears of an Iran war, with conflicts in the Middle East threatening key oil supply routes and global energy stability. The international oil market has always been sensitive to disruptions in oil-producing regions, and the current situation involving Iran is no exception.