Bulgaria ponders fleet privatization

The government in Bulgaria is considering its strategy for the privatization of the ?Bulgarian Marine Fleet? shipping agency. The government already approved the first draft of the strategy in the beginning of February, and the project now has to be voted by Parliament. If passed, Bulgaria will put up for sale 70% of the agency’s capital. The remaining 30% will be offered to the majority stake holder no earlier than five of six years after the privatization. The future buyer would have to vow that the agency would not be liquidated in the first ten years after the purchase, and that the average age of the ships sailing under Bulgarian flag would be decreased to less than 20 years.