Navibulgar Finalizes Varna Shipyard Deal

Navigation Maritime Bulgare (Navibulgar).

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.

Maritime Reporter Magazine, page 9, May 2002

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.