BulYard gets order for two cargo vessels

BulYard Shipbuilding Industry will fulfill a 60 million euro order for two cargo vessels placed by its majority owner Industrial Holding Bulgaria (IHB). The financing will be provided by IHB subsidiary KLVK. The first of the two 56,000 DWT vessels is scheduled for delivery in May 2010 with the second due in May 2011. IHB will commission the new vessels into its merchant shipping division. The vessels will be managed by IHB Shipping, a unit set up in December 2007 for investment in maritime transportation.