Sun, Nov 08 2009

Shipping firm Navibulgar to purchase 10 new ships

Thu, Apr 09 2009 14:16 CET byNick Iliev 1555 Views
Shipping firm Navibulgar to purchase 10 new ships

Bulgarian shipping firm Navibulgar has announced it wants to purchase of 10 new ships, "as soon as the market allows it", Navibulgar executive director Hristo Donev. "We are currently looking for a feasible financing institution which will release the required credit for the deal," he said, as quoted by Dnevnik.
 
The ships will be purchased second-hand. Most likely, part of the deal will stipulate that old scrapped vessels will be exchanged for newer ships.

The new ships that are meant to enter the fleet will be up to 32 000 tons of water displacement.  "We’ve selected fine shipyards, most of them Japanese, and we are searching for the best offer, money-wise," Donev said.
 
"If the market improves and we have subsequent increase in business we are anticipating re-employing some of the former workers at Navibulgar."
 
"The older ships currently in service must not be scrapped but resold, apart from five vessels that are over 40 years old and cannot continue further service. So far, we have managed to sell three chemical tankers and two tankers."
 
In spite of the economic crisis, the company will not register a loss in 2009, reckons Donev. The company indicated that the financial results from the first trimester of 2009 are positive, and "there is an indication that the market is being rejuvenated".

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