| GEO Business|
| PNSC poised to scrap its three ships|
| Updated at: 1537 PST, Wednesday, January 14, 2009|
KARACHI: Pakistan National Shipping Company (PNSC) has in principle approved scrapping of three of its cargo ships and replacing them by buying new or five-year old ships.
These three general cargo ships—thirty years old likely to be scrapped in the current fiscal year may include ‘Sibi’ and ‘Hyderabad’ ships. PNSC had scrapped in 2007 one oil tanker ‘Shalimar’, which was replaced by buying ‘Quetta’. PNSC sources said that in view of the falling prices of ships in the international market, the company would be taking the advantage of buying new or five-year old ships utilizing Rs4 billion that existed in its fund.