 The establishment budget was Taka 31.19 lakhs in 1952, then increased to Taka 53 lakhs in 1959 and finally to Taka 58.3 lakhs in 1961.The initial project was completed with the aim of training 22 Nautical Cadet Officers and 22 Marine Engineering Cadet Officers.The new-built ‘Mercantile Marine Academy’ went into functioning from 3 September 1962.