Bulgarian shipyards up for sale

Hunas Investment Ltd, owner of a 80% stake in the company, is aiming to sell its shares for an estimated €207 million through a Russian auction house, reported local business daily Capital.

The assets include a shipbuilding yard, offered at a starting price of €130 million, a ship repair and maintenance facility certified to perform works on vessels of up to 25,000dwt and estimated to be worth at least €65 million, and a port which serves the industries concentrated in the country’s south coast, with a starting price of €12 million.

Based in Bourgas, on the Bulgarian Black Sea Coast, the shipyards were established in 1948, and have built 850 vessels to date. Bourgas Shipyards specialises in newbuild projects, including cargo vessels, tankers, ferries and offshore vessels, as well as ship repair works. The shipyards can accommodate ships with a length of up to 165m, according to the company. The yard was privatised in 2000, with the Bulgarian Treasury retaining a 19% stake in the company.