NAVIBULGAR Acquires 4 New Ships

Business | August 5, 2010, Thursday // 16:19
NAVIBULGAR Acquires 4 New Ships: NAVIBULGAR Acquires 4 New Ships Bulgaria’s Transport Minister, Aleksander Tsvetkov, gives high marks to NAVIBULGAR over the carrying out of their investment promise. Photo by BGNES

The purchasing branch of the Navigation Maritime Bulgare company (NAVIBULGAR), “KG Maritime Shipping” has acquired 4 new ships.

The information was announced by the company Thursday, saying the deal is part of their investment plan while Transport Minister, Aleksander Tsvetkov commented the USD 130 M investment is a serious venture.

The ships will have Bulgarian names – “Rodina,” “Bulgaria,” “Strandzha,” and Vitosha.” The first two are already sailing under Maltese flag while the other two are currently being tested.

NAVIBULGAR will order and purchase another six ships, and, hopefully, they will all sail under a Bulgarian flag, Tsvetkov says.

With the new ships the company will invest USD 260 M by the end of the year and will fulfill ahead of time the commitment to invest a total of BGN 340 M in the first five years after the privatization.

The Minister further informed that the cabinet approved during their Wednesday meeting the amendments to the Code of Commercial Navigation aiming at making Bulgarian ships more attractive and overcoming the trend of reduction of the number of ships under Bulgarian flag. During the last two years this number went down 50% over obsolete equipment and low wages and benefits for the crew, Tsvetkov says, adding there are signs the situation is improving with 4 new ships returning to Bulgarian flag.

Navigation Maritime Bulgare (NAVIBULGAR) is the successor to a shipping company established in 1892. Until August 14, 2008 the company was the biggest State Ship Owning Company (BMF) with over a century-old tradition and experience in the shipping industry. Presently, being a private company with 70% German - Bulgarian capital, 116 years inheritance and adopting the principles of a private key market player, NAVIBULGAR has an even stronger position in Bulgaria and on the international scene.

The investments must reach BGN 780 in 10 years and the company must purchase a total of 25 new ships.

 

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Tags: NAVIBULGAR, Navigation Maritime Bulgare, Aleksander Tsvetkov, investment, ships
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