Varna Shipyard Could Be Up By July

Tuesday, April 10, 2001
Cammell Laird said Bulgaria's dormant, state-controlled Varna shipyard could be up and running again by July if its bid for the indebted yard is approved by Bulgarian courts. "We hope we'll be able to resume operations sometime in July," Cammell Laird's European management director Tom Parry said. "Varna gives us an opportunity to expand...we see a market for new general cargo ships, bulk carriers and product tankers within the next 10 years," A regional court of appeal in the Black Sea city of Varna recently turned down objections by some of the yard's creditors to the British group's bailout plan that has been based on an indicative bid made by Cammell Laird last year. Creditors can appeal that decision within a period of about a month at Bulgaria's Supreme Court of Appeal, said Dimitar Smilenov, a court-appointed administrator at the idled yard that faced insolvency before Cammell emerged as a sole bidder. The money from Cammell Laird, which builds and repairs ships, would be used to compensate partly the creditors of the state-controlled yard that are now owed some 170 million levs by the plant, said Smilenov. "We are taking the yard on a clean bill," said Cammell Laird's Parry. He declined to comment on the price. The largest creditor was the Bank Consolidation Company, the government body managing state equity in Bulgarian banks. It was owed some 42 million levs as of February last year followed by the Bulgarian Maritime Fleet shipping company with 18.38 million. If the bailout plan cleared that last hurdle, Cammell Laird would pay 28.6 million levs ($13.1 million) to operate shipbuilding facilities and eventually acquire ownership of the yard's long-term assets, said Smilenov. Cammell Laird, under a policy of international expansion, has taken over a number of overseas yards last year, adding facilities in Marseilles and U.S. West Coast to existing yards at Birkenhead, Tyneside, Teeside and Gibraltar. - (Reuters)
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

AET Names DP Shuttle for Statoil Charter

Petroleum tanker owner and operator AET today named its newest vessel, a 120,000 DWT DP2 shuttle tanker, Eagle Bergen.    Eagle Bergen is the second of two vessels

Austal Delivers Final Cape Class Patrol Boat

Cape York, the last of eight new Cape Class Patrol Boats for Australian Border Force (formerly Australian Customs and Border Protection) has been delivered by shipbuilder

HMS Prince of Wales’ Final Carrier Block Delivered

The final sections of the second Queen Elizabeth Class aircraft carrier produced by Cammell Laird arrived at Babcock Rosyth Facilities in Fife on Thursday, September 3,

Workboats

Mississippi River Closed Due to Collision, Spill

A unified command team continues its response Friday to an oil spill in the Mississippi River following a collision between two towboats at mile marker 937 in Paducah

Ailing Crewman Medevaced from Cable Lay Ship off US

A crew member reportedly suffering from a heart attack was air lifted by a U.S. Coast Guard helicopter crew from a cable-laying vessel 80 miles west of Coos Bay, Ore.

Comprehensive Winch Outfitting for New Trawlers

Fishing company HB Grandi of Iceland recently awarded Naust Marine a contract for complete winch outfitting of three new 180 ft. fishing trawlers.   The contract,

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1843 sec (5 req/sec)