It was one of the oldest locally owned shipping companies in Pakistan until it was nationalised in 1974.

Muhammadi Steamship Company Limited was incorporated on 12 May 1947.

[1] It was a large-scale joint venture among business families of Pakistan, including Habib, Cowasjee, Dada, Arag, and Adam, which held ownership until 1963 when Valika family acquired the stake.

[3] The company was nationalized by the Government of Pakistan under then President Zulfikar Ali Bhutto.

In 1949, it became the first Pakistani shipping line to be publicly listed on the Karachi Stock Exchange.