KARACHI - The Board of Investment (BoI) has arranged funds for Pakistan National Shipping Corporation (PNSC) to buy new ships in the next few months, sources told the Nation. According to the details, the PNSC asked the BoI to help it collect funds for the induction of new ships as their existing fleet is to be extinct by the end of 2010. However, with the help of BoI they are going to buy some 5 to 6 new ships including 3 tankers in the next few months as they are now just to decide ships. Each ship will cost 5 to 6 million dollars and PNSC has started talking to Italy, China and Korea, and they have to decide the ships now which they want to replace with their existing fleet that are mostly 25 to 30 years old. This step was taken in the light of measures initiated by the Ports and Shipping Ministry to replace the existing fleet before the end of 2010, told the Secretary of Ports and Shipping during his recent visit to FPCCI. Currently, the PNSC manages a total of 12 vessels which includes 8 Multi-purpose Cargo ships, 3 Aframax Tankers, and 1 Bulk Carrier and the Dead Weigh tonnage is 636,182. However, it was suspected earlier that all 10 numbers other cargo vessel are about to reach an end point in the year 2010, as the corporation has to scrap all the good vessels without any replacement and thus become a vast corporation comes to an endless end. In 1971, the then president Zulfiqar Ali Bhutto nationalised all Pakistan based shipping companies under one flag named Pakistan National Shipping Corporation with a fleet of not less then 71 ships. The trade becomes irrevocably increased and jobs for seafarers also increased, but deliberately a decreasing figure of ships boosting up within some years it is become half the fleet. Pakistan National Shipping Corporation (the Corporation) and its subsidiary companies (together 'the Group) were incorporated under the provision of Pakistan National Shipping Corporation Ordinance, 1979 and the Companies Ordinance, 1984 respectively. The Group is principally engaged in the business of shipping, including charter of vessels, transportation of cargo and other related services, according to the details available. National Tanker Company (Private) Limited (NTCL) was an associate company of the Group. The Group owned 50% of the shares capital of NTCL. However, on May 11, 2006, the Group acquired the remaining 50% share capital (1,677,083 shares) of NTCL against total consideration of Rs 168, 764,862 based on fair market value of Rs 100.63 per share. Subsequent to the year end NTCLs name has been changed to Karachi Shipping (Private) Limited. The Group owns 55% of the share capital of Pakistan Co-operative Ship Stores (Private) Limited and 100% of the share capital of the remaining 18 subsidiary companies. All the fully owned subsidiaries of the Corporation operate one vessel / tanker each except Karachi, Lahore and Quetta Shipping (Pvt) Ltd, it was further.