Pakistan and its territorial waters have been removed from the Listed Areas of Lloyd’s Market Association’s Joint War Committee (JWC), after more than two decades, a move that will help reduce war-risk insurance premiums and shipping costs.

The announcement was made by Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry while addressing the 2nd Pakistan Logistics and Shipping Summit (PLSS) 2026 on Thursday. The summit was attended by senior government officials, policymakers, representatives of financial institutions, logistics and shipping companies, freight forwarders, maritime experts, trade bodies, the armed forces and the management of the country’s three ports.

The minister said the prime minister had constituted a special committee, headed by him and comprising representatives of the Ministry of Maritime Affairs, ports and the private sector. The committee held extensive negotiations with Lloyd’s officials and presented Pakistan’s case through technical evidence and factual data, ultimately securing the country’s removal from the list. This move is going to result in reduced charges for those shipping products to Pakistani ports. Officials say it will also enhance trade activities at ports, which had already jumped due to the US-Iran war.

Pakistan had been on the Lloyd’s Joint War Committee’s war-risk “Listed Areas” for several decades. The listing required many shipowners to pay additional war-risk insurance premiums when they aimed to call at Pakistani ports.

Following negotiations that were initiated in March 2026, Lloyd’s removed Pakistan and its territorial waters from the list. This move is expected to lower shipping costs and improve the competitiveness of Karachi Port, Port Qasim and Gwadar Port.

The minister for maritime affairs termed the development a milestone, saying the decision would improve the competitiveness of Pakistan’s exports and strengthen the confidence of international shipping companies, traders and investors in the country.

He said the move could also make Karachi Port, Port Qasim and Gwadar Port more attractive to global shipping lines and investors, creating opportunities for regional trade, cargo transit and transhipment.

The minister mentioned that the issue was taken up on March 13, when it was noted that Pakistan and its maritime areas had remained on the JWC’s Listed Areas for decades. Their inclusion had resulted in additional war-risk insurance premiums and surcharges for Pakistani shipping and trade.

“Even during Ramazan, lengthy meetings were held for several hours,” the minister said, adding that sustained negotiations eventually led to Pakistan’s removal from the list. He said the decision would reduce the additional financial burden on maritime trade and help Pakistan’s exports compete more effectively in global markets. Pakistan and its territorial waters had remained on the JWC’s Listed Areas since the United States launched the war in Afghanistan following the September 11, 2001 attacks.

Karachi Port Trust (KPT) Chairman Rear Admiral (Retd) Shahid Ahmed highlighted the port’s 138-year legacy and said KPT was moving towards becoming a smart port through new initiatives aimed at facilitating growing transit and transhipment trade, particularly in the wake of the Strait of Hormuz situation.

Speaking at the summit, Galaxefi Founder and CEO Asif Pervez said the PLSS 2026 had been conceived as a national dialogue bringing together policymakers, regulators, industry leaders, financial institutions and development partners to shape the future of Pakistan’s trade, logistics and maritime sectors.

He said Galaxefi had powered the summit by connecting all stakeholders on a single collaborative platform, adding that the recommendations would form part of the PLSS Islamabad Summit Declaration, to be signed by the relevant ministries and authorities for implementation of the National Action Agenda aimed at increasing Pakistan’s container throughput beyond 3.5 million TEUs.

Pakistan Ship’s Agents Association Chairman Muhammad Rajpar and other speakers also highlighted the emerging opportunities in Pakistan’s maritime sector.