Navibulgar Finalises Varna Shipyard
Navigation Maritime Bulgare (Navibulgar), the nationally owned Bulgarian shipping company, has confirmed its acquisition of Varna shipyard, which has been in administration since January. Payment of the purchase price of $16.1 million was completed on April 8 and gives Navibulgar ownership of the assets of the yard. The asset purchase transaction does not involve Navibulgar taking over any existing debts. Navibulgar has stated that it intends to complete work in progress on vessels under construction at the yard. In addition to the bulk carriers "Trapezitza" (21,500 DWT) and "Doli" (42,000 DWT) on order for Navibulgar, the yard has a further two ships on which work is well advanced. At a presentation in Bulgaria this week, Navibulgar Director General Capt.
Navibulgar Finalizes Varna Shipyard Acquisition
Navigation Maritime Bulgare (Navibulgar), the nationally owned Bulgarian shipping company, has confirmed its acquisition of Varna shipyard, which has been in administration since January. Payment of the purchase price of $16.1 million was completed on 8th April and gives Navibulgar ownership of the assets of the yard. The transaction does not involve Navibulgar taking over any existing debts. Navibulgar has stated that it intends to complete work in progress on vessels under construction at the yard. vessels "Trapezitza" and "Doli" (9,000 DWT) on order for Navibulgar, the yard has a further two ships on which work is well advanced. At a presentation in Bulgaria last week, Navibulgar Director General Capt.
Navibulgar Initiates Fleet Renewal Program
Navigation Maritime Bulgare (Navibulgar), the nationally-owned Bulgarian shipping company and the country's fourth largest business enterprise, has placed three tween-deckers on the sale and purchase market as part of its latest fleet renewal program. Last month the company invited tenders for the three 11,750 GT, Bulgarian-flag vessels in a new move to upgrade its fleet as it prepares for a possible privatization decision from the Bulgarian government. In a related development, Navibulgar announced its intention to invest in enhancing its fleet of over 50 bulk carriers, which are engaged in worldwide trading on the international charter market.
