NMB plans fleet renewal

The KG Maritime Shipping consortium which has a 70% stake in Bulgarian national maritime carrier NMB, will add to the fleet 25 new vessels over the next decade, The initial talks will focus on the delivery of eight 34,000 DWT vessels according to a company spokesman. He did not say where the vessels will be built but said negotiations are in progress with Japanese and Korean shipyards. The order books of European shipbuilders are filled years ahead and that is why KG Maritime Shipping is approaching Far Eastern yards.

KG Maritime Shipping is looking at Handysize (15,000-35,000 DWT) and Handymax (35,000-58,000 DWT) vessels. According to the spokesman, almost all of the BGN 780 million pledged by KG Maritime as investment commitments will be spent on new vessels to lower the average age of the fleet which is 24 at the moment.

KG Maritime Shipping is 30%-owned by local company Advance Properties while the remaining equity is controlled by KG Maritime Partners. In turn, KG Maritime Partners is 99%-owned by German charterer Martrade Shipping&Transport, based in Dusseldorf, while the residual 1% is controlled by Indian ship manager Accord Ship Management.