Bulgaria Maritime Fleet to Borrow $70m for New Ships

Monday, December 18, 2006
NMB, Bulgaria's national maritime fleet, will take out a $70 mln loan from HSH Nordbank AG for the purchase of 3 new vessels, said executive director Hristo Donev. The company is trying to address the problem of its ageing fleet and related high maintenance costs. NMB, which has decommissioned 5 ships over the past couple of months, has placed orders for 2 new vessels with local ship-builder Bulyard. One of them will be furnished as collateral for the Nordbank loan. The loan money will be spent on 2-3 new vessels, possibly manufactured as recently as 2002, said Donev. NMB may also opt to buy vessels still under construction and sell them on. NMB posted a profit of 25.1 mln levs in January-October 2006, down 15 mln levs year-on-year. Payroll and social security costs increased by 5.5 mln levs. Source: Dnevnik

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Young Taken on PESA Advisory Board

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term.

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

 
 
Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0665 sec (15 req/sec)