Bulgaria's privatisation agency launched on Monday the tender for the sale of state shipping company Navibulgar, with letters of interest from interested investors expected by September 10.

The agency will announce the qualified bidders on September 28 and expect preliminary bids on October 18. The winner of the tender is expected be announced in the second quarter of 2008.

Bulgaria wants to sell an initial 70% stake in the company, with an option for the chosen investor to buy the remaining shares at a later day.

To qualify, bidders need to prove prior experience in the field, having rented or operated a fleet with a total capacity of 1,3 million tonnes for each of the past three years, as well as provide credit letters from banks with a credit rating no less than "A3" from Moody's Investors Service.

Navigation Maritime Bulgare (Navibulgar) owns 77 cargo ships, mostly bulk carriers with some container and tanker ships, according to its website.

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